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Cairn identifies $70 bn Indian assets for seizing to recover amount due from govt
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Last Updated: May 16, 2021, 02:23 PM IST
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Synopsis The Indian government naturally will challenge such seizure but to save the assets it may have to pawn money equivalent to the value of assets in some financial security such as bank guarantee. The court will return such a guarantee to India if it does not find merit in Cairn s case. But the surety will be passed on to Cairn if the court finds that India had failed to honour its obligation, a source said.
PTI
UK s
Cairn Energy has identified USD 70 billion of Indian assets overseas for potential seizure to collect USD 1.72 billion due from the government a move if successful will put India in league with Pakistan and Venezuela which faced similar enforcement action over failure to pay arbitration awards.
: Sunday, May 16, 2021, 7:34 PM IST
Indian governmentâs Cairn episode puts it in league with Pakistan, Venezuela and others: Find out how
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UK s Cairn Energy has identified $70 billion of Indian assets overseas for potential seizure to collect USD 1.72 billion due from the government. The move to seize stare-run assets by Cairn puts India in league with Pakistan, Venezuela and other countries which faced similar action over failure to pay arbitration awards.
Already, UKâs Cairn Energy Plc has sued India s flagship carrier Air India to enforce a $1.2 billion arbitration award that it won in a tax dispute against India, according to a US District Court filing. Once a court recognises Air India as the alter ego of the Indian government, Cairn can seek attachment or seizure of its assets in the US such as airplanes, immovable assets and bank accounts to recover the amount it was awarded by the arbitration tribunal.
The assets identified range from Air India s planes to vessels belonging to the Shipping Corporation of India, and properties owned by state-owned banks to oil and gas cargoes of PSUs