NHPC signs Definitive Agreement of 120 MW Rangit-IV HE Project of JPCL in Sikkim
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 the NCLT process by NHPC.
Shri Y.K. Chaubey, Director(Tech) NHPC, Shri R.P. Goyal, Director (Finance) NHPC, and senior officers from NHPC and PFC (PSU Connect)
New Delhi: NHPC Limited, India’s premier hydropower company and a PSU under the Ministry of Power has signed a Definitive Agreement on January 13, 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 concerned vide its order dated 24.12.2020. NHPC had submitted its Resolution Plan and was declared the successful resolution applicant by the 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 the NCLT process by NHPC.
Read Also : Indian Air Force ushers in Digital Transformation with DigiLocker IntegrationNews Must Read
- NCL General Manager (Finance) D Sunil Kumar recommended for SECL Director (Finance)
- Bank of Maharashtra Q4 results, Net Profit increased by 44.95 percent to Rs 1,218 crore
- Axis Bank Overtakes Kotak Mahindra Bank to Become India's Fourth Most Valued Lender
- LIC cuts stakes in major PSU stocks
- SJVN CMD Geeta Kapur Inaugurates Construction Works at Sunni Dam Project in Himachal Pradesh
- PESB Selects R Veerabahu as Director (Finance) for Braithwaite & Co. Limited
- Grew Energy bags largest order of 200 MW Contract of SECI's Auction
- CPCL Reports 39% YoY Drop in Q4 Net Profit, Declares Rs 55 per Share Dividend
- SJVN Limited inaugurates India's first Multi-purpose Green Hydrogen Pilot Project
- KRDCL, RVNL JV emerges as the Lowest Bidder for Redevelopment of Thiruvananthapuram Central Railway Station