NHPC signs Definitive Agreement for
implementation of Approved Resolution Plan for takeover of 120 MW
Rangit-IV HE Project of JPCL in Sikkim
NHPC Limited, India’s premier hydropower company and a PSU under Ministry of Power, has signed Definitive Agreement on 13th
January 2021 for implementation of the Approved Resolution Plan 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 Shri Y.K. Chaubey, Director(Tech) NHPC, Shri 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. 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 Hon’ble 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 LancoTeesta Hydro Power Ltd (LTHPL) to be acquired through NCLT
process by NHPC.
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SOURCE ; PIB NEWS
{ With input from news agency language)
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