Bhushan Power & Steel's promoter, Sanjay Singal, has unveiled a last-minute bid to save his company from going under the hammer by offering creditors a proposal to repay their entire dues of Rs 47,151 crore. The unexpected turn of events comes a day before a judgement is expected in one of the keenly watched insolvency proceedings that began 18 months ago. Tata Steel, JSW Steel and UK's Liberty House are vying for the asset which initially generated tepid interest, but has since become a hotly contested one following an operational turnaround that saw capacity utilisation of 90% and sales growth over the past six quarters.