British oil company Cairn Energy has targeted Air India for putting pressure on the Indian government and recovering $1.2 billion. Cairn has filed a lawsuit against the airline.
Cairn Energy drags Air India to court
Britain’s oil company Cairn Energy has made more strategies to put pressure on the Indian government. Now she is planning to capture the aircraft of the state-owned airline Air India. Due to this, he has dragged Air India to the court of America. Cairn has done this to recover an amount of $ 1.2 billion from the Indian government. Now Air India has only till mid-July to save the plane from being captured.
Air India will have to appeal before mid-July to challenge the petition filed by Cairn Energy. It is known that Cairn filed a lawsuit in a US federal court saying that Air India is controlled by the Indian government. In such a situation, the company has demanded from the court that the airline pay the arbitration amount of $1.26 billion, which it won against the Indian government in December last year.
Cairn alleges that the Indian government, despite participating in the arbitration proceedings for more than four years, has not paid the amount to him. Cairn energy has said that it will recover from public sector units like Air India under this decision. At the same time, the Government of India has said that it will oppose any such move of Cairn Energy.
The US court had asked the Indian government to return the company’s sold shares, forfeited dividends and tax refunds. The tribunal also included judges appointed on behalf of India. A DIPAM official said that the Cairn Energy dispute is not expected to have any impact on Air India’s privatization. Cairn Energy is doing this only to put pressure on the Government of India. The company wants the government to withdraw the petition filed against the arbitration panel.
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