Motion-compensated frame rate up-conversion (MC-FRUC) increases the frame rate of a video by interpolating a new frame from temporally consecutive frames. MC-FRUC consists of two key operations: motion estimation and motion compensated frame interpolation. Motion compensation along unidirectional motion trajectories directly causes overlaps and holes issues. To solve these issues, this paper presents a new algorithm for bidirectional motion compensated frame interpolation. Firstly, the proposed method generates a bidirectional motion vector field from two unidirectional motion vector fields (forward and backward) obtained from the motion estimation. It is done by projecting the forward and backward motion vectors into the interpolated frame. A comprehensive metric as an extension of the distance between a projected block and an interpolated block is proposed to compute weighted coefficients in case the interpolated block has multiple projected ones. Holes are filled based on vector median filter of non-hole available neighbor blocks. The proposed method outperforms existing MC-FRUC methods and removes block artifacts significantly.