STOCK MARKET BSE NSE

Government nod to amend Specific Relief Act to improve ease of doing business 

The amendments propose that after two parties enter into an agreement and one of the parties breaks the contract, the affected party will have the freedom to get the contract executed by a third party

Published: 15th December 2017 07:31 PM  |   Last Updated: 15th December 2017 08:25 PM   |  A+A-

Image for representational purpose only

By PTI

NEW DELHI: A 54-year-old law dealing with specific fulfilment of a contract is set to be amended as part of government's ease of doing business policy.

The Union Cabinet today approved amendments to the Specific Relief Act, 1963.

It provides for law relating to certain kind of specific relief. The act is a remedy which aims at the exact fulfilment of an obligation or specific performance of the contract rather than grant of a general relief or damages or compensation. The Specific Relief Act has not been amended since its inception.

The amendments propose that after two parties enter into an agreement and one of the parties breaks the contract, the affected party will have the freedom to get the contract executed by a third party.

Also, the affected party can get costs and other expenses recovered from the party which broke the agreement, a senior government functionary explained.

In case the contract relates to infrastructure projects, the court would grant injunction after satisfying itself that it would not cause any impediment or delay in the progress or completion of the project.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp