{"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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NCLAT answers","author":"Editor","date":"January 4, 2023","format":false,"excerpt":"\u00a0 \u00a0 National Company Law Appellate Tribunal, New Delhi: A bench consisting of Anant Bijay Singh, J., and Shreesha Merla* (Technical Member) held that once the Resolution Plan is submitted for approval before the Adjudicating Authority, it is binding between the Committee of Creditors (CoC) and the Successful Resolution Applicant\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":296299,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/07\/07\/dsk-legal-advises-resolution-professional-of-jbf-petrochemicals-ltd-with-respect-to-the-corporate-insolvency-resolution-process-of-jbf\/","url_meta":{"origin":242025,"position":3},"title":"DSK Legal advises Resolution Professional of JBF Petrochemicals Ltd. with respect to the corporate insolvency resolution process of JBF","author":"Bhumika Indulia","date":"July 7, 2023","format":false,"excerpt":"DSK Legal advised and assisted Mr. Sundaresh Bhat, appointed as Resolution Professional JBF Petrochemicals Limited (\u201cJBF\u201d) with respect to the corporate insolvency resolution process of JBF. The corporate insolvency resolution process of JBF commenced on January 2, 2022, pursuant to the order of the Hon\u2019ble National Company Law Tribunal, Mumbai\u2026","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"jbf petrochemicals ltd","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/jbf-petrochemicals-ltd.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/jbf-petrochemicals-ltd.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/jbf-petrochemicals-ltd.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/jbf-petrochemicals-ltd.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":325893,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/07\/06\/shardul-amarchand-mangaldas-co-advises-the-committee-of-creditors-of-metalyst-forgings-limited\/","url_meta":{"origin":242025,"position":4},"title":"Shardul Amarchand Mangaldas &amp; Co. advises the Committee of Creditors of Metalyst Forgings Limited","author":"Bhumika Indulia","date":"July 6, 2024","format":false,"excerpt":"Shardul Amarchand Mangaldas & Co. advised the committee of creditors (CoC) in the corporate insolvency resolution process of Metalyst Forgings Limited (Metalyst), a subsidiary of Amtek Auto Limited. Metalyst was admitted into corporate insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code, 2016 (Code) in December 2017,\u2026","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"Metalyst Forgings Limited","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/07\/Metalyst-Forgings-Limited.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/07\/Metalyst-Forgings-Limited.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/07\/Metalyst-Forgings-Limited.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/07\/Metalyst-Forgings-Limited.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":281287,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/09\/corporate-debtor-corporate-insolvency-resolution-process-cirp-resolution-plan-coc-approved-nclt-allowed-appeal-nclat-commercial-wisdom-dismissed\/","url_meta":{"origin":242025,"position":5},"title":"NCLAT cannot direct modifications of claims once the Resolution Plan is approved","author":"Editor","date":"January 9, 2023","format":false,"excerpt":"In instant matter, the appellants filed an appeal challenging the NCLT order approving the Resolution Plan approved by the CoC. The NCLAT held that once Resolution plan is approved by CoC, it cannot direct modifications of claims to Resolution Plan as the Tribunal does not have residual equity-based jurisdiction.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/242025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=242025"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/242025\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/162604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=242025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=242025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=242025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}