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NHPC signs definitive agreement for implementation of RP for takeover of Jalpower Corporation

Capital Market 

To make upfront payment of Rs 165 crore

NHPC has signed definitive agreement on 13 January 2021 for implementation of the approved resolution Plan submitted by NHPC for takeover of Jalpower Corporation (JPCL), who was implementing 120 MW Rangit Stage-IV HE Project in Sikkim.

Hon'ble National Company Law Tribunal (NCL T), Hyderabad bench has approved the NHPC's resolution plan for taking over JPCL as going concern vide its order dated 24 December 2020. NHPC will make upfront payment of Rs.165 crore for the resolution plan of JPCL.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, January 14 2021. 11:27 IST