‘No formal proposal from Cairn to settle dispute’
The Hindu
Centre faces $1.2-bn payout to the firm
Facing a payout of $1.2 billion-plus interest after an arbitration award went against it, the government on Monday said it had not received any formal proposal from Britain’s Cairn Energy plc to resolve the issue within the country’s legal framework. In a written reply in the Lok Sabha, MoS (Finance) Pankaj Chaudhary said the arbitral tribunal, which had its seat in the Hague, had on December 31, 2020, ruled in favour of Cairn. “It has asked India to pay Cairn an award amount of $1.2328 billion plus interest and $22.38 million towards arbitration and legal costs,” he said. “An order has been passed by a French court freezing certain Indian Government properties in Paris,” the Minister said.
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