The national company law appellate tribunal has turned down a plea by Tata Steel to consider its bid for bankrupt Bhushan Power and Steel as the most legitimate bid for the company at a ruling on Monday.The tribunal's chief, Justice SJ Mukhopadhaya ruled that Tata's plea was "premature" and "unmaintainable" and upheld the right of the committee of creditors to update, amend, modify or annul resolution plans with respect to conditions outlined in a process document.The Tata's had approached the bankruptcy appellate tribunal on the grounds that UK's Liberty House, a suitor that submitted a late bid for Bhushan Power and Steel, should be disqualified from the bidding process because it did not adhere to the guidelines laid out in the process document.Tata submitted its offer well within the deadline of February 08 last year for submission of financial bids for Bhushan Power and Steel, a company that was amongst RBI's first list of troubled accounts that were submitted for proceedings under the new bankruptcy laws.Tata Steel or Liberty House could not be reached for comment.The asset has been hotly contested with JSW submitting a bid higher than that of Tata's and Liberty House much later in the process.The appellate bankruptcy court directed the resolution professional, Mahender Khandelwal, who is tasked with administering the company, to submit the best proposal to the National Company Law Tribunal.The lenders that are owed over Rs. 47,000 crore by the steel maker had voted in favour of JSW's offer that promises upfront payments to them of Rs. 19,300 crore.Bhushan Power and Steel's promoter Sanjay Singhal has unveiled a surprise last minute bid for the company, ET reported on Monday, that promises to pay off the creditors entirely leading to recovery of all their dues.