New Delhi: 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 and uploaded the same on its website on 07.01.2021.
JPCL was executing a 120 MW Rangit Stage-IV Hydroelectric Project in Sikkim. The Company is currently undergoing the Corporate Insolvency Resolution Process (“CIRP”) which was initiated on April 09, 2019, vide order of Hon’ble NCLT.
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.
NHPC will make an upfront payment of Rs. 165 Crore and the cost of the project is considered as Rs.943.20 Crore. Jalpower Corporation Limited is the second company after Lanco Teesta Hydro Power Ltd (LTHPL) to be acquired through the NCLT process by NHPC.
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