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State-owned Oil and Natural Gas Corporation (ONGC) has taken the lead in implementing the government's one-time settlement scheme 'Vivad se Vishwas-2' to fast-track the resolution of contractual disputes.
"ONGC has constituted an internal task force to settle such issues," the company said in a statement.
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Under the settlement, 85 per cent of the net amount due will be paid where a court order is passed on or before April 30 and 65 per cent of the net amount in cases where an arbitral award is passed on or before January 31, 2023, ONGC said.
Vivad se Vishwas-2 is a one-time settlement scheme announced by the government to settle pending contractual disputes. Application for settlement is to be made by the contractors through the GeM portal. The scheme is valid from July 15 to October 31, 2023.
ONGC said it has taken many pioneering initiatives to forge strong and transparent relations with its business partners. It 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 InterCert, USA.
