Government launched the scheme – Vivad se Vishwas-II

Government launched the scheme – Vivad se Vishwas-II: Finance Minister Nirmala Sitharaman has launched the scheme, “Vivad se Vishwas 2 in the Union Budget 2023-24.

Daily Current Affairs Quiz: August 2023

Aims: To resolve the govt’s contractual disputes with private parties, clear the backlog of litigation, and improve the ease of doing business.

Objective: To settle contractual disputes of government and government undertakings, wherein arbitral award is under challenge in a court, a voluntary settlement scheme with standardized terms will be introduced.

Cases satisfying the following criteria will be eligible for settlement under this scheme:

Status of dispute	The award shall have been issued upto the following date
Arbitral Award passed	31.01.2023
Court Award passed	30.04.2023

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. Under the scheme, for Court Awards passed on or before 30.04.2023 the settlement amount offered to the Contractor will be up to 85% of the net amount awarded/ upheld by the court.  For Arbitral Awards passed on or before 31.01.2023, the settlement amount offered is up to 65% of the net amount awarded.