New Delhi, Jan 13 (PTI) State-owned NHPC on Wednesday inked a definitive agreement for takeover of Rangit-IV hydro power project in Sikkim.

The agreement is for implementation of the approved resolution plan for takeover of 120 MW Rangit-IV hydro power project of Jalpower Corporation Ltd (JPCL) in Sikkim, a power ministry statement said. 

The agreement was signed between NHPC, Resolution Professional and Secured Financial Creditors (PFC and PNB) in presence of Y K Chaubey, Director(Tech) NHPC; R P Goyal, Director (Finance) NHPC and senior officers from NHPC and PFC, it said. 

The National Company Law Tribunal (NCLT), Hyderabad bench approved NHPC's resolution plan for taking over JPCL as going concern vide its order on December 24, 2020. 

NHPC had submitted its resolution plan and was declared the successful resolution applicant by Committee of Creditors (CoC) on January 24, 2020. 

The CoC-approved resolution plan was filed by Resolution Professional with the NCLT Hyderabad bench on January 28, 2020. 

The total cost of the project is estimated at Rs 943.20 crore. 

JPCL is the second company after Lanco Teesta Hydro Power Ltd to be acquired through insolvency process by NHPC.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)