London: British oil company Cairn Energy (Cairn Energy) has dragged Air India to a US court to recover $1.2 billion from the Indian government. This was revealed in a filing by a US district court. The aim is to put pressure on the Government of India to pay. The International Arbitration Tribunal had ruled in favour of Cairn Energy in the retrospective tax case and ordered the Indian government to pay $1.2 billion to the company. The decision came in December 2020.

Cairn filed a case in the Court of Southern District of New York on Friday. It says that Air India is the state-owned airline company of India. The company says its dues to the Government of India should be recovered from the same company (Air India). There has been no response from Air India and the Government of India in this matter. Earlier, the Central Government had asked public sector banks to withdraw money from their foreign currency accounts.

This is because the government is afraid that Cairn Energy may try to seize the cash of these banks after the arbitration decision. While the Government of India has challenged the arbitration tribunal's decision in the international court, Cairn Energy has started identifying the assets of the Government of India abroad. These include foreign accounts of public sector banks. If there is no settlement between Cairn and the Government of India, the company can seize these accounts.

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