New Delhi: The Indian government on Thursday issued a statement regarding the ongoing dispute over Britain’s Cairn Energy, after it was reported that the firm had decided to confiscate several Indian government assets in Paris to recover a portion of the USD 1.7 billion. Court order has been obtained.
About 20 government properties are said to have been confiscated in Paris.
Read also | Cairn Energy seizes 20 Indian government assets in France, says report
The Government of India has informed in its statement that it has not received any court order or notice in this regard.
“There have been reports that Cairn Energy has attached/confiscated Government of India property in Paris. However, Government of India has not received any notice, order or communication from any French Court in this regard.” Read the statement of the Ministry of Finance.
The government said that it is trying to ascertain the facts, and whenever such an order is received, appropriate legal measures will be taken in consultation with the consul to protect India’s interests.
The statement said, “The Government has already filed an application for annulment of the December 2020 international arbitration award at the Hague Court of Appeal on March 22, 2021. The Government of India will vigorously pursue its case in the set-side proceedings at The Hague. Will defend.”
About 20 government properties in Paris that were reportedly seized/freezed by Cairn Energy in its bid to recover dues of USD 1.7 billion, mostly flats, valued at more than EUR 20 million. They were used by an Indian government establishment in France by three people with direct knowledge of the matter, news agency PTI reported.
In December, following a three-member international arbitration, the Indian government ordered Cairn Energy to refund more than $1.2 billion in interest and fines.
As the Indian government refused to honor the award, Cairn approached several foreign jurisdictions to enforce the award by confiscation of Indian property.
It further pointed out that Cairn is unlikely to evict Indian officials residing in those properties, but the government would not be in a position to sell them after the court order.
Meanwhile, the Indian government confirmed that the CEO and representatives of Cairns had contacted it to discuss the resolution of the matter. “Constructive discussions have taken place and the government stands ready for an amicable settlement of the dispute within the legal framework of the country,” it said.
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