Government launches a one-time settlement Scheme Vivad se Vishwas – II (Contractual Disputes) to effectively settle pending contractual disputes, as announced in the Union Budget 2023-24

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. The scheme was announced in the Union Budget 2023-24 by the Union Finance Minister.

In Para 67 of the Union Budget speech, Union Finance Minister and Corporate Affairs Smt. Nirmala Sitharaman had announced:-

“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. This will be done offering graded settlement terms depending on pendency level of the disputes”

The Department of Expenditure, Ministry of Finance, had issued an order on 29.05.2023 indicating detailed guidelines of the scheme. The last date for submission of claims is 31.10.2023.