NEW DELHI: The government has unveiled a policy for resolving stalled highway projects worth nearly Rs 30,000 crore, including those where proceedings have been initiated against the companies before the bankruptcy tribunal.
The move is aimed at unlocking money of both lenders and private players, including crisis-hit IL&FS, which is caught in about 28-30 projects as work has come to a standstill due to shortage of funds.
According to a road transport ministry circular issued on March 9, agencies such as NHAI can foreclose the contract by signing a supplementary agreement. It said the authority will a make full and final payment to the private player for the “value of work done” or 90% of the debt due, whichever is lower
