NHPC has signed a definitive agreement for the takeover of 120 MW Rangit-IV HE project of Jalpower Corporation Limited (JPCL)
NCLT on December 24 had approved NHPC's resolution for the takeover of Sikkim-based JPCL
New Delhi: NHPC Limited, India’s premier hydropower company has signed a definitive agreement on January 13 for the implementation of the approved resolution plan for the takeover of 120 MW Rangit-IV HE project of Jalpower Corporation Limited (JPCL) in Sikkim. The agreement has been signed between NHPC, Resolution Professional and Secured Financial Creditors (PFC and PNB) in presence of NHPC Limited’s Director (Technical) YK Chaubey, Director (Finance) RP Goyal and senior officers from NHPC and PFC.
National Company Law Tribunal (NCLT), Hyderabad bench approved NHPC’s resolution plan for taking over Jalpower Corporation Limited (JPCL) as going concern vide its order dated December 24, 2020. NHPC had submitted its resolution plan and was declared the successful resolution applicant by the Committee of Creditors (CoC) on January 24, 2020.
The CoC approved resolution plan was filed by resolution professional with NCLT Hyderabad Bench on January 28, 2020. The total cost of the project is estimated at Rs 943.20 crore. Jalpower Corporation Limited is the second company after Lanco Teesta Hydro Power Ltd (LTHPL) to be acquired through the NCLT process by NHPC.
(PSU Watch- India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)