After Air India, Cairn to target more state companies to recover money due from govt | Cairn Energy will sue foreign government companies to recover its dues, India owes $ 1.2 billion to the company and its interest

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  • After Air India, Cairn To Target More State Companies To Recover Money Due From Govt

Mumbai18 minutes ago

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The tax dispute between the Government of India and Cairn Energy continues to escalate. The company is now preparing to recover its dues from other government companies and banks after Air India. Whose assets are from America to Singapore.

Cairn Energy’s lawyer said the company would file cases in several countries. This would make public sector companies liable for the $1.2 billion owed to the Indian government plus interest and fines.

Dennis Hernitzky, Head of Sovereign Litigation Practice at Cairn Energy’s legal business, Quinn Emmanuel Urquhart & Sullwyn, told the agency that we have been considering enforcement action against several state-owned companies. This action will happen soon and it may not happen in America.

Last month the company Air India was sued
Let us inform that on May 14, Cairn Energy filed a complaint on Air India in a District Court in New York, USA. In this, the company has sought to make Air India accountable for the payment of the amount which it has earned from the victory in the claim against the Government of India. The company said that the airline company is owned by the government, so it is not legally separate from the government.

Cairn won the case in December
In December 2020, Cairn Energy won against the government in a retrospective tax case in the Court of Arbitration in Singapore. Retrospective refers to the old tax case. In this case of a tax dispute, the Arbitration Court had ordered the Indian government to pay $ 1.2 billion in addition to interest and penalties. Now this amount has increased to more than $1.72 billion. The Government of India has not paid this amount to Cairn Energy.

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