NHPC signs Definitive Agreement for implementation of Approved Resolution Plan for takeover of 120 MW Rangit-IV HE Project of JPCL in Sikkim
NewDelhi: 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.