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Cairn v. India – Cairn Energy's Remedies

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Cairn v. India – Does Cairn Have Remedies in Light of India s Attempts to Remove Funds from Overseas Indian Bank Accounts
Monday, May 24, 2021
If a disputing party in an arbitration believes that receiving an arbitration award is a battle half won, wait until enforcement begins. The Cairn v. India
1 dispute is a classic example.
BACKGROUND
On December 21, 2020, the international arbitral tribunal (Tribunal) constituted in the case of Cairn Energy Plc and Cairn UK Holdings Limited (collectively ‘Cairn’) v. The Republic of India held that India had failed to uphold its obligations under the 1994 Bilateral Investment Treaty between Republic of India and United Kingdom (India - UK BIT) and under international law, by imposing tax liability of ₹10,247 crore and adopting consequent measures taken to enforce the liability. The Tribunal ordered India to pay to Cairn INR 9,000 crore in damages for the ‘total harm’ suffered by Cai ....

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India's offer to Cairn in $1.4-bn arbitration battle: 'Pay half the dues and move on'

India’s offer to Cairn in $1.4-bn arbitration battle: ‘Pay half the dues and move on’
FE Bureau
© Provided by The Financial Express
In its December 2020 ruling, the Permanent Court of Arbitration at The Hague invalidated India’s $2.74-billion 2015 tax claim on Cairn Energy.
Discussions between finance ministry officials and Cairn Energy CEO Simon Thomson-and his team-continued for the second day on Friday, but it appears the government wants Cairn to settle the dispute using the Vivad se Vishwas scheme; under the scheme, the company will have to pay around half the amount due sans interest and penalties in cases where the tax department has lost a case in a forum and filed an appeal, as the instant one. ....

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Retro tax: Amid stand-off, Cairn Energy holds 'constructive' meeting with Union finance secretary

Retro tax: Amid stand-off, Cairn Energy holds ‘constructive’ meeting with Union finance secretary
FE Bureau
© Provided by The Financial Express
Affirming its jurisdiction over the case, the tribunal said the Cairn case was not just a tax-related, but an investment-related dispute.
Amid Cairn Energy’s reported move to recover a $1.4-billion arbitral award in its favour by attaching and seizing Indian assets overseas and New Delhi’s rumoured plans to contest the award, the Edinburgh-headquartered energy company s chief executive Simon Thomson met Union finance secretary Ajay Bhushan Pandey here on Thursday. While the development kept alive hopes of a reconciliation, Thomson, as he came out of the meeting, said the talks were ‘constructive’, without elaborating. ....

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Engaged with Indian government on adherence of tax arbitration award, says Cairn Energy

Engaged with Indian government on adherence of tax arbitration award, says Cairn Energy
January 20, 2021
Tribunal had ordered India to return $1.2 billion to the company
Scottish company Cairn Energy on Wednesday said that it is in talk with Indian government for adherence of award in its favour by International Tax Arbitration Tribunal.
According to the company, the tribunal ruled unanimously that India had breached its obligations under the treaty and awarded to Cairn damages of $1.2 billion plus interest and costs (sums up to $1.6 billion), which are now payable.
“A significant milestone was achieved in December 2020 with a unanimous award in favour of Cairn in its arbitration with the Government of India under the UK-India Bilateral Trade Investment Treaty. We have engaged with the Government of India regarding adherence to the tribunal’s ruling and are taking all necessary steps to protect our rights to the award,” the company said in pre-close up ....

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Cairn V. India - Investment Treaty Arbitration

Cairn V. India - Investment Treaty Arbitration
Friday, January 8, 2021
Introduction
On December 21, 2020, the international arbitral tribunal (Tribunal) constituted in the case of Cairn Energy Plc and Cairn UK Holdings Limited (collectively ‘Cairn’) v. The Republic of India1 held that India had failed to uphold its obligations under the 1994 Bilateral Investment Treaty between Republic of India and United Kingdom (India - UK BIT) and under international law. The Tribunal ordered India to compensate the Claimants for the total harm suffered by Cairn as a result of India’s breaches. Reports of passing of the award became public on December 23, 2020. The award is not in public domain, save for an excerpt. ....

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