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Breather for stranded road projects

HCC to benefit most from new arbitration mechanism; so will Gammon Infra, IDFC, NCC, Punj

Hamsini Karthik  |  Mumbai 

To reinforce its interest in reviving infrastructure companies, particularly in the roads sector, the government has simplified the dispute resolution mechanism.

Under the new norms, government agencies in consultation with the contractor or concessionaire concerned can transfer the arbitration initiated under pre-amended Arbitration Act to amended Arbitration Act, which mandates the tribunal for a speedy closure of matters (within 12 months). The new rules introduced on Wednesday also require government agencies to deposit 75 per cent of the arbitration award amount in an escrow ...

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First Published: Wed, August 31 2016. 21:36 IST