Indian hydropower company NHPC Limited signed a definitive agreement Jan. 13 for implementation of the Approved Resolution Plan for takeover of the 120-MW Rangit-IV HE Project. The project is owned by Jal Power Corporation Limited (JPCL) in Sikkim.
The agreement was signed between NHPC, Resolution Professional and Secured Financial Creditors (PFC and PNB) in the presence of senior officers from NHPC and PFC.
National Company Law Tribunal (NCLT), Hyderabad bench approved NHPC’s Resolution Plan for taking over JPCL in an order dated Dec. 24, 2020.
NHPC had submitted its Resolution Plan and was declared the successful resolution applicant by the Committee of Creditors (CoC) on Jan. 24, 2020.
The total cost of the project, on the Rangit River, is estimated as Rs.943.20 Crore.
JPCL is the second company after Lanco Teesta Hydro Power Ltd (LTHPL) to be acquired by NHPC through the NCLT process.