Two separate arbitrations were also initiated under the bilateral investment treaty BIT by Mauritius investors in Devas Multimedia under the India-Mauritius BIT and by Deutsche Telekom under the India Germany BIT.
Last year Ascent Resources initiated arbitration proceedings against the Slovenian state under the UK-Slovenia Bilateral Investment Treaty and the Energy Charter Treaty.
Britain’s Cairn Energy has dropped all lawsuits against the Indian government and its entities in courts from the US to France and to Singapore, to now be entitled for about Rs 7,900 crore refund of taxes.
The analysis of the existing approach adopted by tribunals does not give rise to much hope of ICSID tribunals’ ability to understand and apply the principle of sustainable development.
In a final award, dated January 25, 2021, an ICSID tribunal ordered Spain to pay damages to German investors in compensation for the clawback of a subsidy regime.