NHPC takes over Jal Power Corporation Ltd
NHPC takes over Jal Power Corporation Ltd
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 a