NCLT approves NHPC’s Rs 1.65 billion resolution plan for Jal Power Corporation

The National Company Law Tribunal (NCLT) has approved NHPC Limited’s Rs 1.65 billion resolution plan for taking over Jal Power Corporation Limited (JPCL). ….

JPCL was executing the 120 MW Rangit Stage-IV hydroelectric project in Sikkim. The company is currently undergoing corporate insolvency resolution process which was initiated on April 9, 2019 vide an order of NCLT. NHPC will make upfront payment of Rs 1.65 billion and the cost of the project is considered as Rs 9.43 billion. JPCL is the second company after Lanco Teesta Hydro Power Limited to be acquired by NHPC through NCLT process.