Govt settles claims worth ₹14,248-cr in Road Sector
The government has settled highway developers' claims worth ₹14,248 crore involving 47 claims this year and discussions are underway to settle another 59 cases on a fast-track basis. Conciliation committees of independent experts have also been formed to settle all pending issues amicably. MoRTH informed that it has undertaken settling of contractors' issues, including dues, through arbitration, to ensure ease of doing business and to boost stakeholders' confidence in quality road construction. In the Conciliation Committees, all contractors are being called for conciliations for expeditious settlement of their claims and get their payments released. In HAM projects, NHAI provides 40% of the bid project cost as construction support based on achievement of the milestone. Whenever the milestones are achieved, payments are made quickly. The Grant/VGF (voluntary gap funding) towards BOT (Toll) Projects are paid as per the terms of the Concession Agreement and depends on many factors including physical progress, equity and debt infusion. No overdue payments are pending with NHAI and various systems have been introduced for immediate payment of dues. Special efforts are made and over ₹10,000 crore were disbursed towards various payments in the first nine days of nationwide lockdown.
📅Published on:
10 September 2020
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