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NCLT okays NHPC’s resolution plan for Jal Power Corporation

Friday, 08 Jan 2021
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The National Company Law Tribunal (NCLT), Hyderabad Bench, approved NHPC’s resolution plan for taking over the Jal Power Corporation (JPCL) as going concern. 
JPCL was executing 120 MW Rangit Stage-IV Hydroelectric Project in the state of Sikkim.  
The company is currently undergoing corporate insolvency resolution process (CIRP) which was initiated on 09 April 2019 vide an order of NCLT. 
NHPC, a PSU under the Ministry of Power, had submitted its resolution plan and was declared the successful resolution applicant by the Committee of Creditors (CoC) on 24 January 2020. 
CoC approved resolution plan filed with NCLT Hyderabad Bench on 28 January 2020. 
NHPC will make upfront payment of Rs 165 crore and cost of the project is considered as Rs 943.20 crore.  
The Jalpower Corporation is the second company after LancoTeesta Hydro Power (LTHPL) to be acquired through NCLT process by NHPC.
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