India has challenged an international arbitration tribunal asking it to return USD 1.2 billion to UK’s Cairn Energy Plc on grounds that it had never agreed to arbitrate over a “national tax dispute”, the finance ministry said on Sunday.
The finance ministry today said that the CEO and the representatives of Cairns have 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.
“Government of India is vigorously defending its case in this legal dispute. It is a fact that the Government has filed an application on March 22, 2021 to set aside the highly flawed December 2020 international arbitral award in The Hague Court of Appeal,”
