A dispute resolution mechanism will be put in place to address issues in the infrastructure space, Finance Minister Arun Jaitley said on Wednesday.
“After extensive stakeholder consideration we have decided that the required mechanism would be institutionalised as the part of the Arbitration and Conciliation Act, 1996,” he said.
An Amendment bill would be shortly introduced in this regard, Jaitley said in his Union Budget 2017-18 speech.
“I stated in my budget speech last year that a Bill would be introduced to streamline institutional arrangement for the resolution of disputes in infrastructure-related construction contracts, PPP and public utility contracts,” he added.
Key players in the sector have long been demanding a dispute resolution mechanism.