JOIN NOW 📣: Express telegram chain explained
Cairn Energy has so far registered the arbitration award in several countries, where it has identified Indian assets worth more than $ 70 billion. This includes jurisdictions in the United States, United Kingdom, Canada, Singapore, Mauritius, France, and the Netherlands. In the United States, Cairn Energy has chosen New York to sue India because it has located substantial assets for which it can recover compensation in that jurisdiction. Specifically, Air India operations in the United States are headquartered in this neighborhood at 570 Lexington Avenue, New York, New York, 10022.
According to the Financial Times report, the French court, the Paris phone number library Judicial Tribunal, on June 11 accepted Cairn’s request to freeze (through judicial mortgages) residential real estate held by the Indian government in the center of Paris, in particular in the 16 arrondissement of Paris. Paris, a renowned district in which a residential property, according to the newspaper, served as the residence of the deputy head of mission at the Indian embassy.
While it is the first to succeed for Cairn, the French court decision increases its chances in other jurisdictions. The assets will be tangled up in a legal dispute and India will join a list of countries that includes Pakistan, Afghanistan whose assets were seized abroad. Unless it can be proven that the arbitral awards against India are in bad faith in appeals, the award can be enforced in foreign jurisdictions. However, a settlement between the two parties cannot be ruled out.
Is there any Indian precedent for such seizure of property belonging to foreign states?