NHPC takes over Jal Power Corporation Ltd

NHPC, India’s premier hydropower company took over Jal Power Corporation Ltd on March 31, 2021 after payment of resolution amount of Rs 165 crore into the Lenders designated account. The Handing Over / talking over ceremony was carried out in the presence of R P Goyal, Director (Finance), NHPC, Biswajit Basu, Director (Projects) and other senior officers from NHPC, Secure Financial Creditors from PFC and PNB and Resolution Professional. R S Dhillon, CMD, PFC was also present on the occasion. Jal Power Corporation Ltd. is developing a 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 April 09, 2019 vide an order of NCLT. PFC and PNB are the financial Creditors. NHPC’S Resolution Plan was approved by  NCLT vide order dated 24.12.2020 and uploaded at NCLT website on 07.01.2020. The award cost of the Project approved by NCLT is Rs. 165 crore. Investment approval of Govt. of India conveyed on 30.03.2021 for acquisition and execution of balance works of Rangit-IV HE Project, 120 MW with estimated cost of Rs. 938.29 crore at Oct, 2019 price level. The balance works of the project will be completed in a period of 38 months.