'Not received order from any French court': India on Cairn claim on seizing assets
The Ministry of Finance said appropriate legal remedies would be taken to protect India's interests
The Indian government on Thursday said it has not received any notice or order from any French court after Cairn Energy said it has won an order from a French court to seize Indian state-owned properties in Paris.
"There have been news reports that Cairn Energy has seized frozen State owned property of the Government of India in Paris. However, the Govt. of India has not received any notice, order or communication, in this regard, from any French Court," the Ministry of Finance said.
The order, according to Cairn, is part of the company’s attempt to recover a $1.2 billion arbitration award it won last year in a tax dispute.
A French court froze residential real estate belonging to the Indian government, Cairn said in a statement Thursday. The order affects 20 properties valued at more than $24 million, it said.
"We are 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," the finance ministry further said.
The Finance Ministry informed that the Government of India has already filed an application on March 22 to set aside the December 2020 international arbitral award in The Hague Court of Appeal.
The country will vigorously defend its case in set aside proceedings at The Hague, the government said.
It is also stated that the CEO and the representatives of Cairns have approached the India government for discussions to resolve the matter.
"Constructive discussions have been held and we remain open for an amicable solution to the dispute within the country’s legal framework," the ministry of finance further said.