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NHPC inks definitive agreement for takeover of Rangit-IV HE project in Sikkim

Thursday, 14 Jan 2021
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NHPC, a hydropower company and a PSU under the Ministry of Power, has signed a definitive agreement on 13 January 2021 for implementation of the approved resolution plan for takeover of 120 MW Rangit-IV Hydro Electric (HE) project of the Jalpower Corporation (JPCL) in Sikkim.
The National Company Law Tribunal (NCLT), Hyderabad Bench, approved NHPC’s resolution plan for taking over JPCL as going concern vide its order dated 24 December 2020. 
NHPC 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 was filed by resolution professional with NCLT Hyderabad Bench on 28 January 2020. 
The total cost of the project is estimated as Rs 943.20 crore. 
The Jalpower Corporation is the second company after Lanco Teesta Hydro Power (LTHPL) to be acquired through NCLT process by NHPC.
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