Govt taking all appropriate legal steps to protect its interest in Cairn Energy case, says MoS Finance Pankaj Chaudhary
Jul 27, 2021
New Delhi [India], July 27 : Minister of State (MoS) Finance Pankaj Chaudhary on Tuesday said that India is taking all appropriate legal steps to protect its interest in the Cairn Energy arbitration case.
"For handling enforcement proceedings, an international law firm, with relevant experience, has been engaged. In consultation with its counsel team, the Government is taking all appropriate legal steps to protect its interest," said Chaudhary.
He also confirmed that a French Court has ordered freezing certain Indian assets in France in the case pertaining to Cairn Energy.
"An order has been passed by a French Court freezing certain Indian Government properties in the case pertaining to Cairn Energy," said Pankaj Chaudhary in Rajya Sabha.
British oil and gas company Cairn Energy is seeking to recover USD 1.2 billion from New Delhi after winning an arbitration against retro tax.
When he was asked about "whether permanent Court of Arbitration at the Hague has ruled USD 1.2 billion awards in favour of Cairn Energy, Chaudhary said,"Arbitral tribunal (which had its seat in The Hague) pronounced its award on 21st December 2020 in favour of Cairn Energy Plc & Cairn UK Holdings Ltd (CUHL).
The appeal against the order was filed in the Hague Court of Appeal on 22nd March, 2021 by the Indian Government.
