Following an FT report that a French court had issued an order in favour of Britain's Cairn Energy in its arbitration case against India, the finance ministry on Thursday said it was yet to receive any notice on the same. "However, the government of India has not received any notice, order, or communication, in this regard, from any French court. The government is trying to ascertain the facts, and whenever such an order is received, appropriate legal remedies will be taken, in consultation with its counsels, to protect the interests of India," the Ministry of Finance stated.
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 Centre will vigorously defend its case in set aside proceedings at The Hague, the ministry added.
"The CEO & representatives of Cairn have approached the government 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," the ministry added.
Earlier in the day, a report by the Financial Times said the Indian government stares at losing as many as 20 of its properties in Paris after the court order in the case filed by Cairn Energy against India.
A Cairn spokesperson said: "Our strong preference remains an agreed, amicable settlement with the Government of India to draw this matter to a close, and to that end we have submitted a detailed series of proposals to them since February this year. However, in the absence of such a settlement, Cairn must take all necessary legal actions to protect the interests of its international shareholders."
Cairn Energy's move comes as an escalation of the tussle between India and Britain's Cairn Energy. It has identified $70 billion of Indian assets overseas, ranging from buildings to Air India aircraft, for potential seizure to collect award, which now totals $1.72 billion after including interest and penalty.
