UK-based Cairn Energy Plc has increased its compensation claim by $249 million in the retrospective dispute case after the income tax department adjusted tax refund due to the oil explorer towards settlement of its tax liabilities.
The Income Tax Department has ordered coercive action against Cairn Energy of UK, including taking away over Rs 2,000 crore dividend and tax refund, to recover part of the Rs 10,247 crore retrospective tax.
Allegations of corruption and criminal activity have been used increasingly in recent years in French courts to argue for the setting aside of arbitral awards on the grounds of a breach of international public policy.
Un nouveau cas de litige entre investisseurs étrangers et Etats se profile dans le cadre du Traité sur la Charte de l’énergie, à l’origine de nombreuses affaires qui ont défrayé la chronique en Europe.
A federal court in Washington, DC has recognized and enforced a US$331 million arbitral award against Romania under an intra-EU BIT—notwithstanding the objection of the European Commission that the award is incompatible with EU law.