Vivad se Vishwas II – (Contractual Disputes): The last date for submission of claims is October 31, 2023
In order to settle the pending contractual disputes of government and government undertakings, the finance ministry has launched the ‘Vivad se Vishwas II – (Contractual Disputes)’ scheme, according to an official statement released on Wednesday. Finance Minister Nirmala Sitharam announced the scheme in the Union Budget 2023-24.
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“The last date for submission of claims is October 31, 2023,” the finance ministry said in the statement. The scheme will apply to all domestic contractual disputes where one of the parties is either the Government of India or an organisation working under its control.
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To be eligible for settlement under the scheme, the ministry has laid out two conditions — a) arbitral award passed on or before January 31, 2023, or b) court award passed on or before April 30, 2023.
“For court awards passed on or before April 30, 2023, the settlement amount offered to the contractor will be up to 85 per cent of the net amount awarded/ upheld by the court. For arbitral awards passed on or before January 31, 2023, the settlement amount offered is up to 65 per cent of the net amount awarded,” the finance ministry stated.
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Government e-Marketplace (GeM) has developed a dedicated web-page for implementation of this scheme. Eligible claims shall be processed only through GeM.
