The Cairn Energy dispute with India over the settlement of a $1.2 billion award from The Hague, took a dramatic turn on Thursday, with the company saying it had secured a French court order allowing it to freeze at least 20 Indian properties in Central Paris.
The Government of India, however, denied all knowledge of the latest order. It said it had filed an appeal against the tribunal decision of the Permanant Court at The Hague delivered in December 2020.
“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,” a Finance Ministry statement said, stressing that no notice, order or communication had been received by the government from any French court.
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Earlier, a Cairn Energy spokesperson told The Hindu that the ball was in India’s court to stop the enforcement proceedings of assets.
“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,” the spokesperson said.
“However, in the absence of such a settlement, Cairn must take all necessary legal actions to protect the interests of its international shareholders,” the spokesperson added in a statement.
According to sources, the award by the Tribunal judiciaire de Paris was the “necessary preparatory step” to taking ownership of the properties and ensuring all proceeds from the sale of the properties would be accrued to Cairn Energy PLC as part of its efforts to enforce the award from The Hague in Cairns’ favour.