JSW Steel, Tata Steel and the UK-based Liberty House are understood to have offered between Rs 17,000 crore and Rs 19,700 crore for the debt-hit Bhushan Power and Steel (BPSL). JSW Steel is believed to have agreed to pay Rs 19,350 crore to BPSL\u2019s financial creditors plus Rs 350 crore to the operational creditors against their admitted claims of Rs 700 crore. BPSL owed lenders, led by Punjab National Bank, Rs 47,000 crore. Sources present at the committee of creditors (CoC) meeting held on Tuesday said Tata Steel did not revise its original offer of Rs 16,500 crore for financial creditors though it has said it would pay operational creditors Rs 500 crore. Liberty House\u2019s proposal to pay Rs 18,500 crore to financial creditors, sources said, was exclusive of the commitment to pay Rs 350 crore to operational creditors. If JSW Steel wins BPSL, the additional 3.1 million tonnes per annum steel-making capacity will catapult it to the position of India\u2019s largest steel company with a capacity of over 22 million tonnes per annum (mtpa), outpacing Tata Steel. JSW Steel has already taken over another insolvent firm, Monnet Ispat, through the Insolvency and Bankruptcy Code route. Monnet has an annual capacity of 1.1 mtpa. Once the CoC identifies the best resolution plan, the resolution professional will wait for the National Company Law Appellate Tribunal\u2019s direction before submitting the same to the National Company Law Tribunal (NCLT). On August 1, the NCLAT had directed the CoC to decide on the most appropriate resolution plan. The CoC was asked to go through the \u201cviability, feasibility and matrix of the resolution plans taking into consideration revised financial offers\u2026 However, the decision is to be kept in a sealed cover,\u201d until the appellate tribunal passes an order on whether the late bid submitted by Liberty House initially is valid or not. JSW Steel\u2019s offer to pay out 41% of the lenders\u2019 dues is the second best offers by the acquirer firms through the insolvency process. Tata Steel\u2019s offer to Bhushan Steel\u2019s lenders involved a haircut of just 32%. Lenders to Adhunik Metaliks had to take the highest 92% haircut followed by 75% by the lenders of Monnet Ispat. Liberty House\u2019s resolution plan for Amtek Auto involved a 65% haircut. Vedanta\u2019s bid for Electrosteel Steels involved a 60% haircut. The corporate insolvency resolution process has been successful for five large companies \u2014 Bhushan Steel, Electrosteel Steels, Monnet Ispat, Adhunik Metaliks and Amtek Auto. The approval of BPSL\u2019s resolution process will take the tally to six among the \u201cdirty dozen\u201d identified by the Reserve Bank of India last year.