The government admitted that it has got a setback from the French court in the dispute with Cairn Energy, has got an order to confiscate the property

The government admitted that it has got a setback from the French court in the dispute with Cairn Energy, has got an order to confiscate the property

Minister of State for Finance Pankaj Choudhary said in a written reply in the Rajya Sabha on Tuesday that a French court has ordered the confiscation of certain Indian assets in a case related to Cairn Energy.

French court has ordered the seizure of government property.

Cairn Energy case: Minister of State for Finance Pankaj Choudhary said in the Rajya Sabha today that the French court, while ruling in favor of Cairn Energy, said that it can seize the assets of the Indian government. In the retrospective tax case, an arbitration tribunal ruled in favor of Cairn. After this decision, Cairn Energy is trying to recover $ 1.72 billion from the Indian government.

Minister of State for Finance Pankaj Choudhary said in a written reply in the Rajya Sabha on Tuesday that the government has challenged the decision of the International Tribunal to quash the retrospective tax order of Rs 10,247 crore on Cairn Energy. He said, “A French court has ordered the confiscation of certain assets of India in a case related to Cairn Energy.” However, the minister did not give the identity of these assets.

2 million pounds

News agency PTI had earlier this month reported that most of these 20 properties are flats. Their value is more than 20 million euros. A three-member international tribunal in December last year unanimously ruled in favor of Cairn in the case and set aside the retrospective tax order. The tribunal also included judges appointed on behalf of India.

The decision of the French court came on June 11

According to a PTI report, on June 11, a French court had ordered Cairn Energy to acquire properties of the Indian government, mostly flats. An arbitration court in December ordered the Indian government to pay Cairn Energy more than $1.2 billion in interest and fines. The Government of India did not accept this order, after which Cairn Energy has appealed in several courts abroad for recovery of dues by confiscation of the assets of the Government of India.

Identified assets worth $70 billion

International arbitration ruled in favor of Cairn Energy in December 2020 and asked the Indian government to return its $1.2 billion. Let us tell you that after winning from the International Court, Cairn Energy is badly behind the government for its money. According to a report, Cairn Energy has identified more than $ 70 billion (more than 5 lakh crore) assets of the Indian government abroad.

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