Jharsuguda: A large number of people, including employees, contractual workers, local vendors, and small traders staged a demonstration near Bhushan Power and Steel Limited (BPSL) plant in Odisha’s Jharsuguda against a recent Supreme Court judgment.
The protest was held on Wednesday after the Supreme Court on May 2 quashed JSW Steel’s Rs 19,700 crore resolution plan of Bhushan Power and Steel Ltd (BPSL).
The protesters expressed the apprehension that nearly 19,000 direct and indirect workers associated with BPSL may lose their livelihood. The demonstrators, many of whom have been associated with BPSL for over a decade, voiced their fears over job security, halted operations, and the uncertainty facing their future following the May 2 verdict of the Supreme Court.
Residents and stakeholders from the region raised slogans and held placards opposing the decision, which they believe threatens the industrial stability of western Odisha and undermines years of economic progress in the area.
Local voices also highlighted the looming loss of opportunities for small businesses, ancillary industries, and youth employment — all of which are closely tied to BPSL’s functioning as a major industrial unit in the region.
Sarpanch of Thelkoloi Avanti Nayak said, “The verdict has sparked widespread concern across the district, which has come to rely on BPSL as a vital economic and social contributor. The plant not only provides employment but supports thousands of ancillary jobs, small businesses, and community initiatives.”
Workers also highlighted that the company had already been turned around through substantial investments and that liquidation would undo years of recovery and progress. Many appealed for government and judicial intervention to urgently review the verdict, given the devastating human and economic impact it could cause.
The employees also pointed out that the BPSL plant is fully operational, revenue-generating, and contributing to national steel capacity, and urged that no decision should reverse its hard-fought progress.
Stakeholders across the region strongly believe that the BPSL asset — which has been revived successfully after resolution under India’s Insolvency and Bankruptcy Code (IBC) — should not be pushed into liquidation. The company has been turned around from a loss-making unit into a profitable enterprise under JSW Steel’s management, ensuring operational stability, timely wages, vendor payments, and compliance with regulatory standards.
“Sending a fully functional, employment-generating industrial asset into liquidation not only defeats the purpose of the IBC but also risks undoing the economic recovery of the region. The uncertainty following the judgment threatens to destabilize an ecosystem that has taken years to rebuild through focused investment and responsible operations,” said Hemant Pandey, a manpower supplier to industrial units in the region.
