New Delhi (NVI): The National Company Law Tribunal (NCLT) today approved state-run hydro giant NHPC’s Rs 943.20 crore bid for taking over Jalpower Corporation Limited (JPCL).
Jalpower Corporation Limited is the second company after Lanco Teesta Hydro Power Ltd (LTHPL) to be acquired through NCLT process by NHPC.
JPCL was executing 120 MW Rangit Stage-IV Hydroelectric Project in Sikkim. The Company is currently undergoing Corporate Insolvency Resolution Process (“CIRP”) which was initiated on April 09, 2019 vide an order of Hon’ble NCLT, the Ministry of Power said in a statement.
NHPC Ltd., a PSU under Ministry of Power, 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, read the statement.
As per the Power Ministry, NHPC will make upfront payment of Rs 165 crore and cost of the project is considered as Rs 943.20 crore.