Pending Highway Projects
The Government of India has constituted a High Powered Committee to evolve a framework of guidelines for resolution of stuck projects. Ministry of Road Transport & Highways issued guiding principles for resolution of stuck National Highway projects vide Office Memorandum dated 09.03.2019. The Ministry and its implementing agencies have initiated action to take up measures for resolution of stuck projects within the framework of these guiding principles.
As per the Policy Guidelines, the term “Stuck Project” as used, means a project undertaken by the MoRTH through NHAI, NHIDCL or State PWD (i.e. the “Authority”) where the work has stopped due to (i) inability of the Contractor/Concessionaire to continue with the execution of the project on account of proceedings initiated against it before the NCLT under the Insolvency and Bankruptcy Code, 2016 or under Section 241(2) of the Companies Act, 2013; or (ii) default (consecutive or simultaneous) on account of both the parties i.e. the NHAI/NHIDCL/State PWD and the Contractor/Concessionaire. Process for revival of stuck projects has been initiated.
This information was given by the Union Minister for Road Transport and Highways Shri Nitin Gadkari in a written reply in Lok Sabha today.
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NP/MS
source http://pib.nic.in/newsite/PrintRelease.aspx?relid=191922
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