Government Launches Vivad se Vishwas 2.0 Scheme for Contractual Dispute Settlement - A Game-Changer for Business Disputes
The Department of Expenditure, Ministry of Finance, has rolled out the highly anticipated Vivad se Vishwas 2.0, also known as the Contractual Disputes scheme, to address and resolve prolonged contractual disputes involving the government and government undertakings. In a significant announcement during the Union Budget 2023-24, Union Finance Minister Smt. Nirmala Sitharaman introduced this scheme, designed to streamline dispute settlement and foster a more business-friendly environment. An Overview of Vivad se Vishwas 2.0: Vivad se Vishwas 2.0 emerges as a game-changer for settling contractual disputes with the government. This scheme establishes a voluntary settlement mechanism for parties entangled in disputes where arbitral awards are being contested in court. Employing a strategic use of graded settlement terms, Vivad se Vishwas 2.0 aims to promote amicable resolutions, ensuring a hassle-free dispute resolution experience. Eligibility Criteria for Settlement under Vivad se Vis...