Panaji, Aug 29: Goa government had encashed Rs 5.5 crore bank guarantee for failure of the Jaisu Shipping Company Pvt Ltd, Gujarat to refloat the grounded vessel 'River Princess' within the stipulated 180 days from Candolim beach, according to Tourism Minister Francisco Pascheco.
He told the Legislative Assembly today during question hour that the government has kept in abeyance its decision to terminate the contract with the company, following a court directive to maintain status quo under the arbitration and conciliation act.
Efforts were underway to vacate the stay through an appeal in the High Court, he added.
The private vessel had been aground at the north Goa beach for the last six months posing a threat to the environment and ecology.
Hence, the government engaged the private company for refloating and removing it from the coast.