AZB & Partners, Karanjawala & Co., Shardul Amarchand Mangaldas (SAM) & Co. and Cyril Amarchand Mangaldas (CAM) advised on the landmark Supreme Court judgment upholding JSW Steel’s resolution plan for Bhushan Power and Steel Limited (BPSL).
AZB & Partners acted for JSW Steel (JSW) in relation to the Supreme Court’s original judgment of May 2, 2025 where JSW’s resolution plan for Bhushan Power and Steel Limited (BPSL) was set aside and liquidation was ordered. JSW first successfully obtained a first-of-its-kind status quo order on May 26, 2025 from the Supreme Court against liquidation being initiated, prior to filing a review against the May 2 Judgment, which was to operate till disposal of the review petitions to be filed. JSW was then successful in review, and the May 2 Judgment was recalled on July 31, 2025. The original appeals against JSW’s resolution plan were then finally heard again before a 3-judge bench of the Supreme Court.
The Supreme Court has now passed its judgment ruling overwhelmingly in favour of JSW, with AZB’s contentions succeeding on almost every argument advanced.
The litigation team comprised Senior Partner Rajendra Barot, Partner Vivek Shetty, Senior Associate Sherna Doongaji, Associates Akilesh Menezes, Isha Patil, and Harsh Sethi. The restructuring team comprised Senior Partners Nilang T. Desai and Suharsh Sinha, Partners Avinash Subramanian and Saloni Thakkar, Senior Associate Rahul Thomas, and Associate Vishal Choudhry, with inputs & guidance from Co-Founding Partners Zia Mody and Bahram Vakil.
Karanjawala & Co. Represented JSW Steel Ltd. before the Supreme Court, with Senior Advocates Neeraj Kishan Kaul and Gopal Jain leading the arguments, alongside a team comprising Senior Partner Nandini Gore, Partner Tahira Karanjawala, along with Swati Bhardwaj, Akarsh Sharma, Shreyas Maheshwari, Manvi Rastogi, Sharanya Ghosh, and Mahek Karanjawala.
Shardul Amarchand Mangaldas & Co. Advised Resolution Professional of BPSL throughout this complex insolvency process with team comprising (National Practice Head – Insolvency & Restructuring) Anoop Rawat , Partners Misha, and Vaijayant Paliwal, Principal Associate Charu Bansal, and Associate Kirti Gupta.
The Committee of Creditors (CoC) was represented by Solicitor General of India Tushar Mehta along with Raunak Dhillon of Cyril Amarchand Mangaldas.
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