NHPC gets NCLT's nod to take over Jalpower Corporation.

The Hyderabad bench of National Company Law Tribunal has given its approval to NHPC’s Resolution Plan for taking over Jalpower Corporation Ltd. (JPCL).

NHPC will make an upfront payment of Rs. 165 crore and the cost of the project is pegged at ₹943.20 crore, an official statement added.

JPCL is the second company after LancoTeesta Hydro Power Ltd. (LTHPL) to be acquired through the NCLT process by NHPC.

"NHPC Ltd., a PSU under Ministry of Power, had submitted its Resolution Plan and was declared the successful resolution applicant by Committee of Creditors (CoC) on January 21, 2020.CoC approved Resolution Plan was filed by Resolution Professional with Hon’ble NCLT Hyderabad Bench on 28.01.2020.," the statement added.

JPCL was executing 120 MW Rangit Stage-IV Hydroelectric Project in Sikkim.

HBL