New Delhi, Jul 27 (UNI) The Government is taking all appropriate legal steps to protect its interest, Minister of State for Finance Pankaj Chaudhary said in Rajya Sabha on Tuesday while confirming that an order has been passed by a French Court freezing certain Indian Government properties in Cairn Energy case.
The freeze order pertaining to 20 Indian government properties in Paris is valued at Rs 177 crore.
In a tax dispute with Cairn Energy, the Court of Arbitration at the Hague last year ruled $ 1.2 billion award in favour of Cairn Energy Plc and Cairn UK Holdings Ltd.
"Appeal against the said award has been filed in the Hague Court of Appeal on 22nd March 2021. For handling enforcement proceedings, an international law firm, with relevant experience, has been engaged," said MoS Chaudhary.
"In consultation with its counsel team, the Government is taking all appropriate legal steps to protect its interest," he added.
India had filed an application on March 22, 2021 to set aside the December 2020 international arbitral award in The Hague Court of Appeal.
In an official statement, the Centre had on July 8, 2021 said that the CEO and the representatives of Cairns had approached the Government 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," it had said.
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