New Delhi, Feb 21 (PTI) The Committee of Creditors has rejected the bid of UK-based Liberty House to acquire Bhushan Power and Steel Ltd, leaving Tata Steel and JSW Steel in the race for taking over the assets of the bankrupt firm, a source said. Also Read - 'Some Evidence' That New UK Coronavirus Strain More Deadly & Transmissible, Warns Boris Johnson

“Committee of creditors (COC) in a meeting today has rejected the bids of Liberty House (of the UK) because the company submitted the bids after the last date of submission date which was February 8,” a source privy to the development said. Also Read - Amid Fears of New COVID Strain, Flight With 256 Passengers From UK Lands in Delhi

Liberty House had submitted the bid yesterday, he said. Also Read - New Coronavirus Strain: South Korea Extends UK Flight Ban For 2 More Weeks

In today’s COC meeting the bids of Tata Steel and JSW Steel were disclosed and now the process as well as legal advisors evaluate them, the source said.

The detailed terms and conditions of the bids were disclosed to the lenders at the meeting, the source said.

Bhushan Power and Steel owes about Rs 45,000 crore to its lenders.

When contacted, Resolution Professional (RP) Mahender Kumar Khandelwal declined to comment on the developments.

The source said that while Tata Steel offered Rs 17,000 crore to the lenders as upfront amount and Rs 7,200 crore for operations of Bhushan, JSW made an offer of Rs 11,000 crore to the lenders and Rs 2000 crore for the operations of the beleaguered power firm.

The COC will now meet on March 6 to take the process forward, including declaration of the highest bidder.

Bhushan Steel and Power was among the 12 non-performing accounts referred by the Reserve Bank of India for National Company Law Tribunal (NCLT) proceedings.

The insolvency process was filed by State Bank of India (SBI), the lead bank of the consortium of lenders, in the case of Bhushan Steel while a similar plea was filed by Punjab National Bank (PNB) against Bhushan Power and Steel.

This is published unedited from the PTI feed.