Cairn Energy Sues Air India to Enforce $1.2 Billion Arbitration Award
3 years, 7 months ago

Cairn Energy Sues Air India to Enforce $1.2 Billion Arbitration Award

News 18  

Cairn Energy has sued India’s flagship carrier Air India to enforce a $1.2 billion arbitration award that it won in a tax dispute against India, according to a U.S. District Court filing reviewed by Reuters. Cairn filed the lawsuit on Friday in the U.S. District Court for the Southern District of New York, seeking to make Air India liable for the judgement that was awarded to Cairn. The senior government official noted New Delhi has filed an appeal against the arbitration award, and added “the government is confident that the award will be set aside.” Cairn had since January, however, begun taking steps to identify Indian assets overseas against which it could enforce the award including bank accounts, aircraft and even ships. However, an Indian official told Reuters last week, talks between New Delhi and Cairn were making “little progress” and noted that India’s directive to state-run banks to withdraw foreign currency funds sitting overseas showed the government is worried that Cairn may move quickly to seize assets.

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History of this topic

India’s poor compliance with investment awards
2 years, 11 months ago

India’s poor compliance with investment awards

Hindustan Times  

The roller-coaster ride of the interminable Devas saga continues. Yet, India continued to brazen it out — launching an investigation against Devas, leading to an order to liquidate the company by the National Company Law Tribunal, and refusing to comply with the BIT awards. The disputes that India lost include cases brought by leading global corporations such as Vodafone, Deutsche …

New York court pauses tax suit to allow Cairn to settle dispute with India
3 years, 2 months ago

New York court pauses tax suit to allow Cairn to settle dispute with India

Firstpost  

This follows Cairn Energy and Air India jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country A New York court has paused Cairn Energy’s pursuit of US assets of Air India for the recovery of USD 1.2 billion arbitral award, so as to allow …

Arbitration Troubles For India
3 years, 5 months ago

Arbitration Troubles For India

Live Law  

India recently faced another blow in the realm of arbitration as a Paris based court ruled in favour of Britain's Cairn Energy Plc. The said order was passed as a result of India's recalcitrance to honour the Permanent Court of Arbitration's award in Cairn Energy v the Republic of India. But, the Ministry of Finance circumvented the Supreme Court decision …

Cairn versus India: What lies ahead
3 years, 5 months ago

Cairn versus India: What lies ahead

Live Mint  

Cairn Energy Plc has secured a French court order to freeze Indian assets in France after India challenged an award of over $1.2 billion to Cairn. Cairn began international arbitration in 2015 and won $1.2 billion in damages plus interest and costs last year, totalling more than $1.7 billion. In May 2018, ConocoPhillips got court orders to seize Venezuela’s state …

Cairn Energy dispute | Vigorously defending case against arbitration order, says govt.
3 years, 7 months ago

Cairn Energy dispute | Vigorously defending case against arbitration order, says govt.

The Hindu  

The government is “vigorously defending” its case against an international arbitration order asking it to refund $1.2 billion to Cairn Energy over a retrospective tax dispute, the Finance Ministry said on Sunday, asserting that India had never “agreed to arbitrate” a national tax dispute. “The government has raised several arguments that warrant setting aside of the award including but not …

Why Cairn Energy's move to attach Air India's assets in $1.2 billion tax case has the Centre in a fix
3 years, 7 months ago

Why Cairn Energy's move to attach Air India's assets in $1.2 billion tax case has the Centre in a fix

India Today  

The recent move by UK’s Cairn Energy Plc--threatening to seize the assets of national carrier Air India to enforce a $1.2 billion arbitration award the former had won against the Indian government last year--has proved to be extremely embarrassing for the Centre. Cairn Energy has moved the US district court for the Southern District of New York, seeking to make …

The Hindu Explains | How is the Indian government planning to respond to the Cairn tax ruling?
3 years, 9 months ago

The Hindu Explains | How is the Indian government planning to respond to the Cairn tax ruling?

The Hindu  

The story so far: In December 2020, a three-member tribunal at the Permanent Court of Arbitration in the Netherlands ruled against India in its long-running tax dispute with the U.K.-based oil and gas company Cairn Energy Plc and a subsidiary, Cairn UK Holdings Ltd. The dispute started in early 2014 when Indian tax authorities started questioning Cairn Energy requesting information …

India filing appeal against Cairn arbitration award, say sources
3 years, 9 months ago

India filing appeal against Cairn arbitration award, say sources

The Hindu  

India is in the process of filing an appeal against an arbitration panel ruling asking it to return $1.2 billion to British oil firm Cairn Energy Plc, sources said on Wednesday. India is in the process of filing an appeal in the Cairn arbitration award case, they said, adding it was well within India’s sovereign powers to redress the situation …

India will file appeal in Cairn arbitration case
3 years, 9 months ago

India will file appeal in Cairn arbitration case

Live Mint  

India will file an appeal in the Cairn arbitration award case relating to the tax dispute concerning the British oil firm, sources said. They said Cairn Energy set up "a tax abusive structure" and did not pay taxes anywhere in the world on the gains that it made in India. However, India is open for a constructive settlement of tax …

US, UK and 3 Other Courts Confirm $1.4 Bn Arbitration Award Against India
3 years, 9 months ago

US, UK and 3 Other Courts Confirm $1.4 Bn Arbitration Award Against India

News 18  

Courts in five countries including the US and the UK have given recognition to an arbitration award that asked India to return USD 1.4 billion to Cairn Energy plc – a step that now opens the possibility of the British firm seizing Indian assets in those countries if New Delhi does not pay, sources said. Cairn Energy had moved courts …

Cairn files case in U.S. to push India to pay $1.2 bn award
3 years, 10 months ago

Cairn files case in U.S. to push India to pay $1.2 bn award

The Hindu  

Cairn Energy has filed a case in a U.S. district court to enforce a $1.2 billion arbitration award it won in a tax dispute against India, a court document showed, ratcheting up pressure on the government to pay its dues. The case marked a first step in Cairn’s efforts towards recovering its dues, potentially by seizing Indian assets, if the …

Cairn Energy threatens to seize Indian assets abroad in tax case
3 years, 10 months ago

Cairn Energy threatens to seize Indian assets abroad in tax case

India Today  

Cairn Energy has begun to take steps to identify Indian assets overseas against which it can enforce the $1.2 billion award it won last month in a treaty arbitration case against the South Asian nation, according to a letter seen by Reuters. Read | Setback for India as govt loses retrospective tax dispute case against energy giant Cairn A copy …

Cairn Energy wins tax arbitration against India: What the case is all about
4 years ago

Cairn Energy wins tax arbitration against India: What the case is all about

Business Standard  

India lost the Cairn arbitration case.The case was related to the retrospective tax amendment law and the verdict came late night Tuesday. Cairn received a notice from the income tax department in January 2014, raising a preliminary assessment of Rs 10,247 crore tax liability relating to the group reorganisation done in 2006, when Cairn UK transfered about 10 per cent …

Setback for India as govt loses retrospective tax dispute case against energy giant Cairn
4 years ago

Setback for India as govt loses retrospective tax dispute case against energy giant Cairn

India Today  

In what seems to be another setback for India after Vodafone, energy giant Cairn has won an international arbitration against the government over a retrospective tax dispute, said the company on Wednesday. A three-member tribunal, comprising a judge appointed by the Indian government, ruled that India’s claim of Rs 10,247 crore in past taxes over a period of 2006-07 internal …

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