TIL Desk/World/New Delhi/ The Ministry of Finance reacts to reports of the French court ruling in favour of Cairn Energy. “There have been news reports that Cairn Energy has seized/frozen State-owned property of the Government of India in Paris. However, Govt. of India has not received any notice, order, or communication, in this regard, from any French Court.
“The Government has already filed an application on March 22, 2021 to set aside the December 2020 international arbitral award in The Hague Court of Appeal. “The Government of India will vigorously defend its case in Set Aside proceedings at The Hague.
“The CEO & representatives of Cairns have approached Govt of India for discussions to resolve the matter. Constructive discussions have been held and the government remains open for an amicable solution to the dispute within the country’s legal framework.” In a setback to India, Britain’s Cairn Energy Plc has secured a French court order to seize some 20 government properties in Paris to recover a part of the $1.7 billion due from New Delhi following an arbitration panel overturning levy of retrospective taxes.
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