Union Minister of Road Transport and Highways, Shri Nitin Gadkari, convened a high-level meeting with the National Highway Builders Federation (NHBF) to address their concerns. The meeting resulted in a consensus to actively promote the implementation of the Vivad Se Vishwas II Scheme, with the aim of resolving all eligible claims efficiently. The NHBF has been urged to facilitate the submission of contractors’ claims by the deadline of October 25, 2023.
The Vivad se Vishwas Il (Contractual Disputes) Scheme, overseen by the Department of Expenditure, Ministry of Finance, Government of India, provides a comprehensive framework to determine settlement amounts to be offered to contractors. When claim amounts are up to Rs. 500 crore, procuring entities must accept valid claims in adherence to the established guidelines. In cases where the claim exceeds Rs. 500 crore, the decision to reject the settlement request from the contractor should be made, accompanied by recorded justifications and approval from the competent authority. Claims must be submitted via the GeM portal by October 31, 2023.
These guidelines are applicable to disputes in instances where the court or tribunal has issued a monetary award, and the arbitration award was granted by January 31, 2023, or the court award was issued by April 30, 2023.
Mr. Anurag Jain, the Secretary for the Ministry of Road Transport & Highways, emphasized that the Vivad se Vishwas Il Scheme has been designed to address the backlog of historical litigation cases. He expressed the belief that this scheme would unlock working capital and encourage fresh investments in the sector.