New Delhi, Aug 2 (PTI) The finance ministry on Wednesday said it has launched a scheme to settle pending disputes relating to government contracts under the Vivad se Vishwas II scheme and contractors will have time till October 31 to submit their claims.

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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Under the scheme, 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.

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"The Department of Expenditure, Ministry of Finance, has launched the scheme, 'Vivad se Vishwas II – (Contractual Disputes)', to effectively settle the pending contractual disputes of government and government undertakings," it said in a statement.

Government e-Marketplace (GeM) has developed a dedicated web page for implementation of this scheme. Eligible claims shall be processed only through GeM. For non-GeM contracts of the Ministry of Railways, contractors may register their claims on railway's e-procurement system portal IREPS.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)