India's Supreme Court has issued a stay order on the liquidation proceedings of Bhushan Power and Steel Ltd (BPSL) while awaiting the submission of a review petition by JSW Steel.

The court's directive came through Special Leave Petition Diary No. 29406/2025, filed by JSW Steel, which requested suspension of further hearings on applications submitted by the former promoter aimed at accelerating liquidation procedures currently before the National Company Law Tribunal (NCLT).

JSW Steel had successfully acquired BPSL in September 2019 through a resolution plan worth approximately Rs 19,300 crore, following NCLT approval, with the transaction finalized in March 2021. However, the company suffered a significant legal blow when the Supreme Court nullified its resolution plan on May 2, 2025, citing violations of the Insolvency and Bankruptcy Code (IBC) requirements, specifically the company's failure to comply with the approved implementation timeline.