"Vivad se Vishwas 2" Scheme
- 05 Aug 2023
On 2nd August, 2023, the Ministry of Finance's Department of Expenditure introduced the "Vivad se Vishwas 2" scheme, a strategic move to accelerate the resolution of contractual conflicts involving government entities.
Key Points
- Scope and Coverage: The scheme's scope extends to disputes arising until September 30, 2022, emphasizing its applicability to a wide range of cases involving government entities.
- Graded Settlement Approach: The scheme embraces a graded approach to settlement, considering the degree of dispute pendency.
- Applicability: The scheme's ambit encompasses all domestic contractual disputes involving either the Government of India or organizations operating under its jurisdiction.
- Settlement Amounts: Under the scheme, contractors dealing with court awards issued on or before April 30, 2023, could receive settlement amounts up to 85% of the net award upheld by the court.
- Similarly, for arbitral awards passed on or before January 31, 2023, a settlement offer of up to 65% of the net awarded sum is extended.
- Streamlined Process: To facilitate a transparent and efficient process, the government e-marketplace (GeM) has launched a dedicated web page for the scheme's implementation.
- Eligible claims will undergo processing solely through the GeM platform, ensuring a streamlined resolution process.
- Enhancing Dispute Resolution: The scheme is designed to provide a significant boost to the timely settlement of contractual disputes between the government and government undertakings.
