Paris Judicial Tribunal ‘Based on Judgment’ stupa Energy’s application will impact around 20 properties worth more than €20 million, as part of a guarantee of debt outstanding on a British company that exited India a few years ago.
“This is a necessary preliminary step to take ownership of the properties and ensure that the proceeds of any sale will be due to Cairn,” said a source familiar with the proceedings.
The finance ministry said on Tuesday that the government was ready for an amicable solution to settle the dispute with Cairn within the legal framework of the country, while ensuring that it does not receive any notice from any French court regarding the state’s stay. , Order or communication not received – Owned properties.
“The government is trying to ascertain the facts and as and when such an order is received, appropriate legal measures will be taken in consultation with its lawyers to protect the interests of India,” the ministry said in a statement.
On 22 March, the government issued The. filed an application for annulment of the International Arbitration Award of December 2020 in Hague Court of Appeal. “The Government of India will vigorously defend its case in the set-side proceedings in The Hague,” the government said.
The action in France is part of Cairn’s enforcement strategy, prompting the government to withdraw its appeal against an international tribunal’s decision in a retrospective taxation case. The arbitration tribunal had held that the government had violated the provisions of the tax treaty in demanding capital gains tax from a London-listed company.
Cairn has filed cases in several countries to pursue an unpaid international arbitration award worth $1.7 billion. The Arbitration Award has also been registered in other jurisdictions including the US, UK, Canada, Singapore, Mauritius, France and the Netherlands as the company focuses on high value assets.
It filed cases in the Southern District of New York seeking judicial confirmation that Air India The Indian state may be classified as alter ego and thus the arbitrator is jointly liable for the award.
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