The Centre is planning to resolve “stuck” highway projects worth Rs 30,000 crore by allowing agencies like NHAI and NHIDCL to “foreclose” the contracts of such projects.
According to a report by The Times of India, a policy circular issued by Ministry of Road Transport and Highways on March 9 gives the power to these agencies to foreclose project contracts by signing a supplementary agreement.
“The authority would make the full and final payment to the private player for the value of work done or 90 percent of the debt due, whichever is lower,” the report said quoting the circular. Read More
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