ONGC takes lead in implementing government’s Vivad se Vishwas-2 Scheme to fast-track contractual dispute resolution
Oil and Natural Gas Corporation Limited (ONGC) has taken the lead in implementing Government’s one-time settlement scheme ‘Vivad se Vishwas – 2’, to fast-track resolution of contractual disputes. ONGC has constituted an internal task force to settle such issues.
The settlement criteria under the scheme is defined as 85% of net amount to be awarded where court order is passed on or before 30 April 2023; 65% of the net amount to be awarded where arbitral award is passed on or before 31 January 2023.
Vivad se Vishwas - 2 is a one-time settlement scheme announced by the government to settle pending contractual disputes. Application for settlement are to be made by the contractors through the GeM portal. The Scheme is valid during 15 July to 31 October 2023.
Energy major ONGC has taken many pioneering initiatives to forge strong and transparent relations with its business partners. ONGC was the first in India to adopt the Integrity Pact (IP) by Transparency International in 2005. Recently, ONGC has become the first PSU in India to get certified for Anti-Bribery Management System (ABMS) by M/s InterCert, USA.
Oil and Natural Gas Corporation Ltd