The principal bench of the National Company Law Tribunal (NCLT) on Tuesday reserved its order on approval of the JSW Steel\u2019s resolution plan for Bhushan Power and Steel (BPSL). Sources said NCLT is likely to pronounce its final order on JSW Steel\u2019s Rs19,700-crore bid in the next 15 days. BPSL was admitted by the New Delhi bench of the NCLT on July 26, 2017, for the initiation of the corporate insolvency resolution process (CIRP), on the plea of Punjab National Bank (PNB). As per the law, a resolution plan, submitted by the resolution professional (RP), has to be approved by NCLT to take effect. JSW Steel has offered to pay Rs 19,350 crore to the financial creditors of the debt-ridden BPSL, implying a near 60% haircut for lenders. Apart from this, the Sajjan Jindal-promoted company has offered to pay operational creditors a sum of Rs350 crore against their admitted claims of Rs733 crore. Tata Steel\u2019s total bid is for an amount of Rs17,000 crore. A clutch of 34 financial creditors have claimed Rs 47,303 crore from the company as on January 3, 2019, of which the RP has admitted claims worth Rs47,150 crore. Operational creditors, numbering 1,778, have claimed Rs2,320 crore from BPSL, though the admitted amount is Rs 733 crore. BPSL\u2019s 3.1 million tonne per annum steel-making capacity will catapult JSW Steel to the position of India\u2019s largest steel company, outpacing Tata Steel, which has a capacity of over 22 million tonne per annum (mtpa). JSW Steel has already taken over another insolvent firm Monnet Ispat through the IBC route. Monnet has 1.1 mtpa steel-making capacity. The CIRP for BPSL has seen many twists and turns. Though late entrant Liberty House was in the reckoning for BPSL, the race was primarily one between JSW Steel and Tata Steel. Lenders had on July 31, 2018, selected Tata Steel as the H1 bidder and JSW Steel as the H2 bidder for BPSL. Also read:\u00a0Govt to allot some Jet Airways slots to other airlines on temporary basis; all you need to know This was done at the instance of the National Company Law Appellate Tribunal (NCLAT) which on July 20, 2018, had asked the committee of creditors (CoC) to select the H1 and H2 bidders. However, on July 27, 2018, CoC allowed JSW Steel to submit a revised bid for the steelmaker. Tata Steel challenged the CoC\u2019s decision in NCLAT on July 30, 2018. On August 1, 2018, NCLAT had again allowed submission of revised bids by all three bidders, including the UK-based Liberty House. Following this, on August 13, 2018, JSW Steel raced past Tata Steel to emerge as the most preferred bidder for BPSL. While the Tatas had been consistently opposing CoC\u2019s permitting a revised bid, JSW Steel had questioned its objections, saying that a financial bid can always be improved upon till the time the bids are voted on. The erstwhile promoters of Bhushan Power & Steel also made a last-minute offer to repay financial creditors in full. Sanjay Singal had offered to pay the financial creditors in full and take the company out the CIRP, under Section 12 A of the IBC, by converting their entire debt into cumulative redeemable preference shares, payable over 17 years.