{"id":242025,"date":"2021-01-08T18:00:35","date_gmt":"2021-01-08T12:30:35","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=242025"},"modified":"2021-01-08T15:44:47","modified_gmt":"2021-01-08T10:14:47","slug":"nclt-approves-nhpcs-resolution-plan-for-jalpower-corporation-limited","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/01\/08\/nclt-approves-nhpcs-resolution-plan-for-jalpower-corporation-limited\/","title":{"rendered":"NCLT approves NHPC\u2019s Resolution Plan for Jalpower Corporation Limited"},"content":{"rendered":"<div class=\"text-center\">\n<p style=\"text-align: justify;\">National Company Law Tribunal (NCLT), Hyderabad bench approved NHPC\u2019s Resolution Plan for taking over Jalpower Corporation Limited<strong>\u00a0(<\/strong>JPCL) as going concern vide its order dated 24.12.2020 and uploaded the same on its website on 07-01-2021.<\/p>\n<p style=\"text-align: justify;\">JPCL was executing 120 MW Rangit Stage-IV Hydroelectric Project in Sikkim. The Company is currently undergoing Corporate Insolvency Resolution Process (\u201cCIRP\u201d) which was initiated on April 09, 2019, vide order of Hon\u2019ble NCLT.<\/p>\n<p style=\"text-align: justify;\">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 24.01.2020. CoC approved Resolution Plan was filed by Resolution Professional with Hon\u2019ble NCLT Hyderabad Bench on 28.01.2020.<\/p>\n<p style=\"text-align: justify;\">NHPC will make an upfront payment of Rs 165 Crore and cost of the project is considered as Rs 943.20 Crore.<\/p>\n<p style=\"text-align: justify;\">Jalpower Corporation Limited is the second company after LancoTeesta Hydro Power Ltd (LTHPL) to be acquired through the NCLT process by NHPC.<\/p>\n<hr \/>\n<p><strong>Ministry of Power<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Press Release dt. 07-01-2020]<\/strong><\/p>\n<p><strong>[Source: PIB]<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>National Company Law Tribunal (NCLT), Hyderabad bench approved NHPC\u2019s Resolution Plan for taking over Jalpower Corporation Limited\u00a0(JPCL) as going concern vide its <\/p>\n","protected":false},"author":8808,"featured_media":162604,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[32458,29785,12521,44755,30228,34025],"class_list":["post-242025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news","tag-committee-of-creditors","tag-law","tag-nclt","tag-nhpc","tag-resolution-plan","tag-resolution-professional"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NCLT approves NHPC\u2019s Resolution Plan for Jalpower Corporation Limited | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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