NCLT approves NHPC’s resolution plan for JPCL

The Hyderabad bench of the National Company Law Tribunal (NCLT) has approved state-owned NHPC’s resolution plan for Jal Power Corporation Ltd (JPCL), according to a statement. JPCL is the second company after Lanco Teesta Hydro Power Ltd (LTHPL) to be acquired through the NCLT process by NHPC, NHPC said in the statement on Friday.

NCLT’s Hyderabad bench through its order dated December 24, 2020, approved NHPC’s resolution plan for taking over JPCL, the statement said.

“NHPC will make an upfront payment of Rs 165 crore and cost of the project is considered as Rs 943.20 crore,” it added.

According to the statement, JPCL was executing a 120-MW Rangit Stage-IV Hydroelectric Project in Sikkim. The corporate insolvency resolution process was initiated against the company on April 9, 2019.

Sharing further details, NHPC said it had submitted its resolution plan and was declared the successful resolution applicant by committee of creditors (CoC) on January 24, 2020. ABI HRS