Axios PUT request with header payload and Basic Authntication fails

Question

I am not able to get the node.js axios HTTP PUT request working with Authentication Basic <credentials> header. I did try below two approaches but in both the cases I get authentication failure.

Method #1

const name = '<email>';
const pass = '<pass>';

// Base64 string for credentials 
const credentials = `${name}:${pass}`;
const baseCredentials = Buffer.from(credentials, 'base64');

// Payload
const params = {
    key: 'value'
}

// Headers
const headers = {
    headers: {
      'Content-Type': 'application/json',
      'Content-Length': JSON.stringify(params).length,
      'Authorization': 'Basic '+baseCredentials
    }
};

// Put request 
const result = await axios.put(hostUrl, params, headers);

// Server responds with `HTTP 400 Bad Request`.  

Method #2

const name = '<email>';
const pass = '<pass>';

// Payload
const params = {
    key: 'value'
}

// Headers
const headers = {
  'Content-Type': 'application/json',
  'Content-Length': JSON.stringify(params).length
};

// Put request 
const result = await axios({
  headers: headers,
  method: "put",
  url: hostUrl,
  auth: {
    username: name,
    password: pass,
  },
  data: params
});

// Server responds with `HTTP 400 Bad Request`.  

I am not sure if there is issue with sequence of the parameters passed to axios.
Same URL with same credentials works well from the postman.