Government advises Secured Creditors Meet for NHPC Ltd amalgamation with Jalpower Corporation Ltd
In Jan 2021, the National Company Law Tribunal (NCLT) of the Hyderabad bench approved NHPC’s Resolution Plan for taking over Jalpower Corporation Limited (JPCL). JPCL was executing the 120 MW Rangit Stage-IV Hydroelectric Project in Sikkim.
The government under Ministry of Corporate Affairs has announced that the Secured Creditors of State-run NHPC Ltd are advised to hold meeting regarding the approval of amalgamation of Jalpower Corporation Ltd and NHPC Ltd.
According to the exchange filing, the Hon'ble Ministry of Corporate Affairs, New Delhi,, has directed to convene a meeting of secured creditors (whose debt value is more than Rs.1 Crore (Rupees One Crore as on 31.03.2024)) of NHPC Limited to consider and,, if thought fit, to approve the the Scheme of Amalgamation of Jalpower Corporation Limited (a wholly owned subsidiary of NHPC Limited) (Transferor Company) with NHPC Limited (Transferee Company).
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In Jan 2021, the National Company Law Tribunal (NCLT) of the Hyderabad bench approved NHPC’s Resolution Plan for taking over Jalpower Corporation Limited (JPCL). JPCL was executing the 120 MW Rangit Stage-IV Hydroelectric Project in Sikkim.
The Company was currently undergoing the Corporate Insolvency Resolution Process (“CIRP”), which was initiated on April 09, 2019, vide an order of Hon’ble NCLT. NHPC Ltd, a PSU, had submitted its Resolution Plan and was declared the successful resolution applicant by the Committee of Creditors (CoC) on 24.01.2020. 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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