NEW DELHI: ONGC has launched a one-time settlement (OTS) scheme under the Centre’s ‘Vivad se Vishwas-2’ initiative for resolving pending contractual disputes, a move that could end nearly 100 cases involving Rs 1,000 crore in stuck payments .
The settlement criteria envisages 85% of the net amount to be awarded in disputes where court order has been passed on or before April 30 this year. In cases where an arbitral award has been passed on or before January, the settlement amount is set at 65% of the net amount to be awarded.
