Bankrupt Bhushan Steel, one of the first 12 big bad loan accounts identified for resolution under the Insolvency and Bankruptcy Code (IBC), has got its highest bidder - Tata Steel. And if the deal is successfully sealed, this would be the first Non-Performing Asset (NPA) resolution under the mighty IBC. Tata Steel on Wednesday said that it has been identified as the biggest bidder for acquiring the control of massive debt-hit Bhushan Steel undergoing insolvency proceedings. Sajjan Jindal-promoted JSW Steel and\u00a0a consortium of the Bhushan Steels' employees were also in the fray. UK-based Liberty House was also eyeing the company, however, its bid was rejected by\u00a0Committee of Creditors (CoC) as it submitted the bid after the last day of submission, a PTI reports quoting unidentified source said. Bhushan Steel, which calls itself the third largest secondary steel producer in the country, owes Rs 44,478\u00a0crore to banks and was the biggest loan defaulter identified by the Reserve of India (RBI) in its first list last June. The National Company Law Tribunal (NCLT) admitted Bhushan Steel for resolution on July 26 last year on the petition filed by State Bank of India (SBI) and Punjab National Bank (PNB). Not only that Bhushan Steel has got its bidder, it has got the bidder well before the deadline. According to reports, the deal with Tata Steel is all set to get sealed by April-end, much within the 270-day timeline of the resolution process. Amid the big bad loan problem in the country, biggest from the Steel industry, this deal is a morale boost for not only the banks but the government too. The Tata Steel bid to take over Bhushan Steel also allays fears that stressed assets won't get any takers if promoters are barred from bidding and banks would have to take\u00a0massive haircuts. For Bhushan Steel, Tata Steel has Rs 17,000 crore to the lenders as the upfront amount and Rs 7,200 crore for operations of Bhushan, while JSW Group offered\u00a0Rs 11,000 crore to the lenders and Rs 2,000 crore for the operations, PTI reported. The RBI has so far identified about 40 accounts for resolution under the IBC, of which resolution process for many accounts is in progress.