Govt extends deadline to fulfill contractual obligations by up to 6 months

It further said that the period of extension (three and six months) may be decided based on the specific circumstances of the case and the period for which performance was affected

The Finance Ministry has extended the deadline for fulfilling contracts for government projects, including public-private partnerships (PPP), which were due for completion on or after February 20, by up to six months in view of Covid-19 crisis.

The Expenditure Department, under the ministry, had in February said that Covid-19 outbreak in China would be considered a 'force majeure' situation, which refers to extraordinary events and circumstances beyond human control or a natural calamity, giving relief to companies which have contracts with the central government.

 

Loans worth over Rs 6.45 lakh crore were sanctioned by PSBs during