Karnataka HC: Courts Should Ensure That Legal Procedures Are Not Abused in Order to Reduce Burden  ||  Utt. HC: Joining in Service Cannot Be Denied to Woman on The Ground of Her Pregnancy  ||  Kar. HC: Can’t Stretch Protection u/a 21 to Those Posing Threat to Nation’s Sovereignty & Integrity  ||  Delhi High Court: Can’t Stop Student From Entering Exam Hall Once Admit Card Issued  ||  Supreme Court Asks Medical Colleges Either to Pay Stipend or Not Have Internship  ||  Calcutta HC: No Penal Proceedings Attracted if Bona-Fide Mistake Occurs in Court Reporting  ||  Bombay HC: Can’t Entertain Application Increasing Valuation of Suit if Pecuniary Jurisdiction Lost  ||  Bom. HC: Information of Previous Bail Applications And Orders to Be Give in All Bail Applications  ||  Cal. HC: Clause in GCC Specifying App. of Officers For Arbitration Violative of S. 12(5) of A&C Act  ||  Cal HC: High Court Lacks Jurisd. When Application u/s 9A of A&C Act Filed Before Commercial Court    

Government proposes quick settlement of contractual disputes to promote ease of doing business - (08 Feb 2023)

Commercial

The Ministry of Finance circulated a draft scheme. The government intends to bring one time settlement scheme called “Vivad se Vishwas II (Contractual Disputes)” to effectively settle pending disputes. 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 has been framed in accordance with the announcement made by the Union Finance Minister in the Union Budget 2023-24.

Special efforts are necessary to clear the backlog of old disputes and litigation. Such cases are not only holding back fresh investment but are also reducing the ease of doing business with the Government. The scheme will apply to disputes where one of the parties is either the Government of India or its following bodies:

a. All Autonomous Bodies of the Government of India;

b. Public sector banks and public sector financial institutions;

c. All Central Public Sector Enterprises;

d. Union Territories, National Capital Territory of Delhi and all agencies/ undertakings thereof; and

e. All organisations, where Central Government like Metro Corporations, where Government of India has shareholding of 50%; however, these bodies can opt out of the scheme at their discretion, with approval of the Board of Directors.

The Scheme will be applicable to all contractors/ suppliers who wish to participate. In case Central Public Sector Enterprises (CPSEs) etc. are the contractors/ suppliers in a particular contract, they are also eligible to submit their claims under the scheme. The Scheme proposes a 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. The scheme will be implemented through Government e-Marketplace (GeM), which shall provide an online functionality for the same. The draft scheme also contains a draft settlement agreement between the litigating parties to bring finality to the contractual dispute settlement.

Tags : CONTRACTUAL DISPUTES   QUICK SETTLEMENT   DISPUTES  

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved