Govt initiates measures to revive construction sector
The Cabinet Committee on Economic Affairs has approved certain measures to revive the construction sector. Government entities will initiate proceedings for setting aside of the arbitral award, and any appeal thereto, with the opinion of a Law Officer i.e. Attorney-General for India / the Solicitor-General for India / the Additional Solicitor-General for India, in consultation with the Department of Legal Affairs. Wherever a Government entity has challenged an arbitral award, and the amount of the arbitral award has not been paid, 75% of such award will be paid by the Government entity to the contractor / concessionaire against a bank guarantee only for the said 75% and not for its interest component. The above order is applicable to Government entities i.e. all Public Sector Undertakings of the Central Government, Autonomous Organisations of the Central Government, Special Purpose Vehicles (SPV) where 50% or more of the paid-up share capital is held by the Central Government, and all its departments. These measures would help in ensuring that the remedies of challenge/appeal are resorted to in a prudent and judicious manner, and will further the objective of infusion of liquidity into the construction sector. Given the significant multiplier effect the construction sector has on the economy, these are expected to give a major boost to economic growth.
📅Published on:
27 November 2019
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