New Delhi: French Court has ordered freezing in housing real estate owned by the Indian government in Central Paris, in what is seen as a shame for the center in a long tax dispute with Cairn Energy PLC.
Judiceiae de Paris court court based on the Cairn Energy application will have an impact on around 20 properties, rated more than 20 million euros, as part of a debt guarantee payable to the UK company a few years ago.
“This is the steps for the preparation needed to take property ownership and ensure that the proceeds of sales will be caused by Cairn,” said a source familiar with the process.
Read the alsogovernment files against the $ 1.4 billion Cairn Arbitration of the government award has appealed the Cairn Arbitrase Award, the PTI news agency reported the source.
Appeal – which is believed to be taught on Monday – has been submitted against the trial of three members in the arbitration permanent court in Den Haag which canceled the crore tax of Rs 10,247 India the Ministry of Finance on Tuesday said the government remained open for peaceful solutions to complete Disputes with Cairn in the state legal framework That, while maintaining that it has not received the notification, order or communication, from the French court regarding freezing on state-owned property.
“(The) The government tries to ensure facts, and every time an order like it is accepted, the right legal treatment will be taken, with consultation with his advice, to protect the interests of India,” the Ministry said in a statement.
On March 22, the government submitted an application to set aside the International Arbitrase Award in December 2020 at the Den Hague Court.
“The Indian government will vigorously maintain the case in setting aside trials in the Hague,” said the government.
Actions in France are part of the Cairn Enforcement Strategy to encourage the government to attract its appeal on international tribunal awards in the case of retrospective taxation.
The Arbitration Court has argued that the government has violated the provisions of the Tax Agreement in seeking Capital Gain taxes from the companies listed in London.
Read Alsocairn sued Air India in the US to recover $ 1.2 billion Retro tax award against Govtscottish Explorer Cairn Energy PLC had sued India’s air losses in US courts to force the recovery of an international arbitration of $ 1.2 billion which was won in December against the government’s retrospective India tax claims, steps that can win the AI investment.
Cairn asks Air India to Beckairn has submitted cases in several countries to pursue an international arbitration award that has not been paid for $ 1.7 billion.
The arbitration award has also been registered in other jurisdictions, including the US, Britain, Canada, Singapore, Mauritius, France and the Netherlands because the company focuses on high-value assets.
It has submitted cases in the South New York district, seeking judicial confirmation that Air India can be classified as an ego ego of India and thus together responsible for the arbitration award.
Cairn Problem: French court order freeze Indian assets in Paris
