Quick Summary
Government proposes quick settlement of contractual disputes to promote ease of doing business as announced in Union Budget 2023-24 Circulates scheme for graded settlement terms for stakeholder consultation The Ministry of Finance today circulated a draft scheme for consultation with stakeholders. The scheme is aimed at bringing quick finality to certain contractual disputes in which Government of India or its agencies is a litigant. The draft scheme is available on the website of the Depa
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FAQ :
The scheme aims to bring quick finality to certain contractual disputes involving the Government of India or its agencies, promoting ease of doing business and encouraging fresh investment.
The proposed one-time settlement scheme is called 'Vivad se Vishwas II (Contractual Disputes)'.
The scheme is applicable to contractors and suppliers involved in disputes with the Government of India, its autonomous bodies, public sector banks, financial institutions, Central Public Sector Enterprises, and Union Territories, provided claims were submitted by 30.09.2022.
No, the scheme is intended for disputes involving domestic arbitration and only those with financial claims against the procuring entities. International arbitration cases are not eligible.
The scheme will be implemented through the Government e-Marketplace (GeM), which will provide an online functionality for the settlement process.
Claims for proceedings must have been submitted by the contractor on or before 30.09.2022 to be eligible for settlement through this scheme.
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