JAMMU, Jan 13: NHPC Limited, India’s premier hydropower company has today signed Definitive Agreement for implementation of the Approved Resolution Plan (ARP) for takeover of 120 MW Rangit-IV HE Project of Jalpower Corporation Limited (JPCL) in Sikkim.
The agreement was signed between NHPC, Resolution Professional and Secured Financial Creditors (PFC and PNB) in presence of Y.K Chaubey, Director (Tech) NHPC, R.P Goyal, Director (Finance) NHPC 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 24.12.2020.
A handout stated that NHPC had submitted its Resolution Plan and was declared the successful resolution applicant by Committee of Creditors (CoC) on 24.01. 2020.
CoC approved Resolution Plan was filed by Resolution Professional with NCLT Hyderabad Bench on 28.01.2020.
The total cost of the project is estimated as Rs. 943.20 Crore.
Jalpower Corporation Limited is the second company after Lanco Teesta Hydro Power Ltd (LTHPL) to be acquired through NCLT process by NHPC.