Government announces “Vivad Se Vishwas II” to resolve contractual disputes
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- Last Updated on 10 February, 2023
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Press Release, Dated 08.02.2023
The Hon’ble FM in her budget speech announced that to settle contractual disputes of government and government undertakings a voluntary settlement scheme with standardized terms will be introduced. Therefore, the MoF circulated a draft scheme for consultation with stakeholders. It 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 Department of expenditure’s website (doc202328158601.pdf (pib.gov.in)
Some of the salient features of the proposed scheme are as under:
- The scheme will apply to disputes where one of the parties is either the Government of India or its agencies.
- Disputes, where claims are raised against procuring entities as above along with some other party (State Government or private party), shall not be eligible under the scheme.
- Disputes having only financial claims against the procuring entities will be settled through this scheme.
- The Scheme proposes graded settlement terms depending on pendency level of the dispute.
- It is proposed to cover only for cases involving domestic arbitration and cases under international arbitration are not eligible to be settled under this scheme.
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