Cairn Energy said on Sunday that it had discussed multiple proposals with Indian government officials in recent days in an attempt to find a ‘swift solution’ to a long drawn-out tax dispute with the South Asian nation, Reuters reported.
In December, an arbitration body awarded the British firm damages of $1.2 billion plus interest and costs, after ruling India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty. FE Bureau adds: As reported by FE earlier, the Indian government wants Cairn to settle the dispute using the Vivad se Vishwas scheme.
Read moreIn the recent case of T v W, HCA 366/2020, the Plaintiff had commenced court proceedings against the Defendant for HK$5 million plus interest payable under a post-dated cheque drawn by the Defendant. The Defendant applied to stay the proceedings to arbitration, relying on the arbitration clause in the Loan Agreement that referred to the cheque. The Court dismissed the application for a stay, holding that the Plaintiff’s claim was on the cheque and that the cause of action on a cheque is separate to the cause of action on the underlying contract. It said that there must be a “plain manifestation” in an arbitration clause that it is to apply to bills of exchange, before the presumption against taking bills of exchange into arbitration is to be rebutted. The Court was not satisfied that the arbitration clause in the Loan Agreement could be construed to extend to the claims made under the cheque, which it considered to be a separate agreement.
Read moreWith the go-ahead of Ebrahim Raeisi, the head of Iran’s Judiciary, and following demands from representatives of private sector at chambers of commerce and in response to the correspondence of Economy Minister Farhad Dejpasand, a specialized judicial court to deal exclusively with cases related to business disputes has opened in Tehran.
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