NHPC Inks Pact for Implementation of Takeover of 120 MW Rangit-IV HE Project in Sikkim

Country’s leading hydropower company NHPC Ltd has signed a definitive agreement for implementation of the approved resolution plan for takeover of 120 MW Rangit-IV HE project of Jalpower Corporation Ltd (JPCL) in Sikkim.

In this regard, 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 other senior officers from both NHPC and PFC.

Moreover, the National Company Law Tribunal (NCLT), Hyderabad bench approved NHPC’s Resolution Plan for taking over Jalpower Corporation Ltd (JPCL) as going concern vide its order dated December 24, 2020.

On January 24, 2020, NHPC, a  PSU under Ministry of Power, had submitted its resolution plan and was declared as the successful resolution applicant by Committee of Creditors (CoC).

On January 28, 2020, CoC approved Resolution Plan was filed by Resolution Professional with NCLT Hyderabad Bench.

Meanwhile, the total cost of the project is estimated as Rs 943.20 crore. Jalpower Corporation Ltd is the second company after LancoTeesta Hydro Power Ltd (LTHPL) to be acquired through NCLT process by NHPC.