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New Delhi: NHPC Ltd has completed all the formalities and has finally acquired Lanco Teesta Hydro Power Limited on Friday. A statement released by NHPC Ltd said that it has signed the Definitive Agreement for the implementation of the Approved Resolution Plan submitted by NHPC for takeover and resolution of Lanco Teesta Hydro Power Limited.
The entity was implementing the 500 MW (125 MWx 4) Teesta VI Hydro Power Project on Teesta River in Sikkim. NHPC Ltd's Director (Technical) Janardan Choudhary signed the agreement in the presence of CMD Balraj Joshi and Aniruddha Kumar, Joint Secretary, Ministry of Power, at New Delhi on Friday. The agreement was signed with Huzefa Fakhri Sitabhkan, Resolution Professional, Lanco Teesta Hydro Power Limited (LTHPL) and Secured Financial Creditors.
The Hyderabad bench of the National Company Law Tribunal (NCLT) approved NHPC's resolution plan for debt-ridden Lanco Teesta Hydro Power Ltd (LTHPL) on July 26.
The state-run company has offered Rs 897.50 crore as resolution plan proceeds for the resolution of LTHPL under the Corporate Insolvency Resolution Process (CIRP). This is the first time that a state-run company has bagged a project under Insolvency and Bankruptcy Code (IBC).
The project will be implemented at an estimated cost of Rs 5,748.04 crores (at July 2018 price level), which includes a bid amount of Rs 897.50 crore for acquisition. Earlier in March this year, the Cabinet Committee on Economic Affairs had approved the proposal for the acquisition of Lanco's 500 MW Teesta Hydroelectric Power Project in Sikkim and the execution of balance works for the Teesta VI project. The project will be completed in a period of five years.
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