Investment State Arbitration: Not So Friendly for India?
A U.K. based oil firm, Cairn Energy, has been granted the right to seize €20 million worth of assets held by the Indian government. An international tribunal issued the award in furtherance of the disputed tax claims between the Indian state and the UK firm. The dispute stemmed from the Indian government’s seizure of Cairn’s Indian assets in execution of a retrospective 2014 tax bill. Some of the assets identified by Cairn include Air India properties and real estate held by the Indian government, though the Indian government has appealed against the award.