JSW Steel, with its revised offer of Rs 19,700 crore for bankrupt Bhushan Power and Steel (BPSL), has emerged as the front-runner by getting 66.6% lenders' votes in its favour, ET Now and CNBC-TV18 reported citing unidentified sources. Other two contenders, Tata Steel and Liberty House, had offered\u00a0Rs 17,000 crore and Rs 18,500 crore respectively. As per the Swiss Challenge system under the IBC, the competitors might be given a chance to revise their bids and trump JSW Steel's offer. Initially, JSW Steel too had bid a lower offer of Rs 11,000 crore but revised it to\u00a0Rs 19,700 crore trumping other two contenders. As per the report,\u00a066.6% lenders in Committee of Creditors (CoC) of BPSL voted in favour of JSW Steel's revised offer. Earlier, before JSW Steel's revised offer came in, lenders were in favour of Tata Steel, despite lower offer than Liberty House, based on other parameters. The IBC case of BPSL also got stuck in long-drawn legal battle when Liberty House became a late bidder. Tata Steel challenged\u00a0the entry of Liberty House but the insolvency court allowed its late bid. BPSL has about Rs 47,000 crore outstanding debt and was among the first 12 big accounts identified by the company for immediate resolution. #Exclusive | Sources tell @NayantaraRai that @TheJSWGroup has emerged as the front-runner in the race for the Bhushan Power & Steel as 66.6% of lenders of Bhushan Power today decided in favour of JSW's revised Rs 19,700 cr bid. Will Tatas and Liberty throw a spanner in the works? pic.twitter.com\/xtNAulYmW4 \u2014 ET NOW (@ETNOWlive) October 16, 2018 Offers made for BPSL Tata Steel: Rs 17,000 crore Liberty House: Rs 18,500 crore (late bid but allowed by court) JSW Steel: Rs 19,700 crore (revised from Rs 11,000 crore offered earlier) BPSL's sister company Bhushan Steel was the first company to get resolved under the IBC and with the\u00a0minimal haircut to\u00a0lenders. Tata Steel acquired the company by offering an upfront payment of Rs 35,200 crore against the total outstanding debt of Rs 56,000 crore trumping the offer made by JSW Steel. In June, the government had brought down the voting threshold for all major decisions under the IBC from 75% to 66% to ensure successful resolution.