Litigation Agent
ROADS & HIGHWAYS

Litigation Agent

Raghav Chandra to the rescue for firms stuck in litigation. The NHAI Chairman plans to release Rs 6,000 crore to developers stuck in litigation under the new arbitration policy. This measure is expected to help banks recover some stuck loans while also providing funds for stalled projects. The government has asked various departments and ministries along with the public sector entities to release 75 per cent of disputed amount where the developer or concessionaire has won an arbitration case. At present, 123 dispute cases worth Rs 25,000 crore are pending with NHAI, including cases worth Rs 13,000 crore awarded in favour of private parties. The authority will start paying the amount on a case-to-case basis, while the claims are related to around 20 companies. And that´s not it, Chandra is is also known to be revising NHAI´s agreement format to ensure that companies don´t back out from bank guarantee.

Related Stories

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 86575 81178