NCLT approves NHPC’s Rs 165 crore resolution plan for Jalpower Corp

NEW DELHI: The National Company Law Tribunal (NCLT) has approved state-run NHPC’s Rs 165 crore resolution plan for taking over Jalpower Corp as going concern, an official statement said on Thursday.

JPCL was executing 120-mw Rangit Stage-IV Hydroelectric Project in Sikkim. The company is currently undergoing Corporate Insolvency Resolution Process which was initiated on April 9, 2019 vide an order of NCLT.

NHPC will make upfront payment of Rs 165 crore and cost of the project is considered as Rs 943.20 crore.

Jalpower Corp is the second company after Lanco Teesta Hydro Power Ltd to be acquired through NCLT process by NHPC.

NHPC Ltd had submitted its resolution plan and was declared the successful resolution applicant by Committee of Creditors (CoC) on January 24 last year.

The CoC approved resolution plan was filed by resolution professional with NCLT Hyderabad Bench on January 28, 2020.