Govt unveils new policy for stalled projects

Government unveils policy for stalled highway projects

The government has unveiled a policy for resolving stalled highway projects worth nearly Rs 30,000 crore. 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 report, projects that would qualify for such resolution — projects where work has stopped due to inability of contractor or concessionaire on account of proceedings initiated before NCLT (National Company Law Tribunal) under the Insolvency and Bankruptcy Code or default on account of both the clients, which could be NHAI, PWD and the private player.

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