Excelsior Correspondent
JAMMU, Mar 31: NHPC, India’s premier hydropower company took over Jal Power Corporation Limited today after payment of resolution amount of Rs 165 crore into the lenders designated account.
The handing and taking over ceremony was carried out in the presence of RP Goyal, Director (Finance), NHPC, Biswajit Basu, Director (Projects) and other senior officers from NHPC, Secure Financial Creditors from PFC and PNB and Resolution Professional. RS Dhillon, CMD, PFC was also present on the occasion.
Jal Power Corporation Limited 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 9, 2019 vide an order of NCLT. PFC and PNB are the financial Creditors. NHPC’S Resolution Plan was approved by Hon’ble 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 Government 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 October, 2019 price level. The balance works of the project will be completed in a period of 38 months.
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