NHPC signs definitive agreement to take over JPCL project in Sikkim

at 3:25 pm

New Delhi (NVI) NHPC Limited, India’s premier hydropower company and a PSU under the Ministry of Power, has signed Definitive Agreement 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 YK Chaubey, Director(Tech) NHPC, RP Goyal, Director (Finance) NHPC and senior officers from NHPC and PFC, the Ministry of Power said in a statement.

Pertinent to mention here that National Company Law Tribunal (NCLT), Hyderabad bench had recently 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, as per the Power Ministry. 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 (JPCL) is the second company after LancoTeesta Hydro Power Ltd (LTHPL) to be acquired through NCLT process by NHPC.