Tuesday, 19 October 2021

French Court Freeze Indian assets in Paris

French Court Freeze Indian assets in Paris

Seizure by The French court of Indian assets: Cairn's application to hold real estate residential owned by the Government of India in central Paris.

Britain's Cairn Energy has secure an order from a French court permit to frozen 20 Indian government properties valued at over 20 million euros in Paris.

The newspaper said it had seen official documents confirming the freeze authorized by the French court and that Cairn Energy asset freeze request in Paris is first to follow.

In May, Cairn started a process through French Court to hold Indian assets and brought a legal action in the US against Air India to impose a $1.2-billion judgment prize won last year against the Indian Government in a long-term tax dispute.

Cairn, the FT report, has identified $70bn of assets worldwide, varying from Air India aircraft to buildings that it may try to seize if the Indian Government refuses to pay.

According to FT, the company said the French Tribunal Judicial Court of Paris ruling would successfully hand over 20 Indian assets in Paris, including in the 16th and 14th township.

The Ministry of Finance in India, in a statement, regarding the freezing by French court of Indian assets said it has not received any order or notice and is trying to find out facts.

He said,

"There have news reports that Cairn Energy has seized the States possesed property of Government of India. However, Government of India has not got any order or notice communication, in this regard, from any French Court," 

In a statement, Cairn Energy said that the company offers,

"an agreed, friendly settlement with Government of India to pull out matter to an end."

It said,

"However, in the non presence of such a agreement, Cairn must take all necessary legal procedings to safeguard the interests of its international shareholders," 

There is the priority of parties seek to occupy assets of Indian Government-owned body to force the State in a precise amount.

ConocoPhillips, an American firm in 2019, moved to US court to seize assets of oil stated company of Venezuelan( PDVSA) to recover $2 billion it won in mediation against Venezuela in 2007 to take over its assets.

Following this, ConocoPhillips received the dues from PDVSA.

Permanent Court of Arbitration (PCA) in December 2020,
The Hague ruled that the Indian Government's recollective tax request on Cairn was "break the guarantee of fair and impartial treatments" against the India-UK bilateral agreement.

The Ministry of Finance said on Thursday,

"Government has already filed an appeal on March 22, 2021 to set alongside December 2020 international judgement award in The Hague Court of Appeal. Government of India will aggressive defend its case in Set Aside proceedings at The Hague."

"It is stated that CEO and the representatives of Cairn have reached the Government of India for talk to sort out the event. Positive conversations have been held and the Government remains open for an cooperative solution to the disagreement within the country's" it said.

https://www.cairnindia.com/Pages/Home.aspx

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