National Highway Authority of India has resolved the arbitration claim worth rupees 13000 crores through conciliation since the financial year 2018 as it is aggressively reducing its liabilities through out of court settlement.
NHAI comprises three conciliation committees of independent experts having three members each headed by a retired official, senior experts from public administration, finance, and private sector.
NHAI is working on a fast track mode to resolve all the disputes through conciliation, the statement said. “It will not only reduce the legal hassles of both the parties in a long-drawn arbitration process but the money stuck in arbitral cases can be unlocked for the revival of the private sector,” it added.
NHAI has around 180 cases in arbitration cases, with claims running over Rs 70,000 crore. Going by the historical payout in arbitration cases of around 25%, NHAI stares at a liability of around Rs 17,000 crores.
“Now, 108 cases have been referred to CCIE and claims worth Rs, 13,349 crores have been successfully settled for an amount of Rs. 3,743 crore,” the ministry of road transport and highways said on Wednesday.
