NHPC signs Definitive Agreement of 120 MW Rangit-IV HE Project of JPCL in Sikkim

New Delhi: NHPC Limited, India’s premier hydropower company and a PSU under the Ministry of Power has signed a Definitive Agreement on January 13, 2021, for implementation of the Approved Resolution Plan for takeover of 120 MW Rangit-IV HE Project of Jalpower Corporation Limited (JPCL) in Sikkim. 

The agreement was signed between NHPC, Resolution Professional, and Secured Financial Creditors (PFC and PNB) in presence of Shri Y.K. Chaubey, Director(Tech) NHPC, Shri R.P. Goyal, Director (Finance) NHPC, and senior officers from NHPC and PFC.

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. 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. 

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