Thursday, Jan 14, 2021 07:30 [IST]
Last Update: Thursday, Jan 14, 2021 02:00 [IST]
GANGTOK,: NHPC Limited signed definitive agreement today for implementation of 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 NHPC director (Tech) Y.K. Chaubey, NHPC director (Finance) R.P. Goyal, and senior officers from NHPC and PFC, a NHPC release informs.
National Company Law Tribunal (NCLT), Hyderabad bench approved NHPC’s resolution plan for taking over Jalpower Corporation Limited as going concern vide its order dated December 24, 2020.
NHPC had submitted its resolution plan and was declared the successful resolution applicant by Committee of Creditors (CoC) on January 24, 2020. 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 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.