Day 5
JudiciarySkim2025-07-31
SC Recalls Bhushan Power Liquidation Order
What Happened
In July 2025, the Supreme Court invoked its plenary powers under Article 142 to recall its previous order directing the liquidation of Bhushan Power and Steel Ltd (BPSL). The Court acknowledged an 'error apparent' in its May 2025 judgment that had initially rejected JSW Steel's resolution plan.
Why It Matters
This ruling reinforces the Insolvency and Bankruptcy Code's (IBC) core objective of prioritizing corporate revival over premature liquidation, ensuring commercial finality and economic stability.
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