India’s retrospective taxation amendment of 2012 has culminated in a torpedo of investment arbitrations against it in the past few years, nestling India’s journey with bilateral investment treaties in chaos. While arguments regarding State sovereignty, consistent State practice and discretion may be meted out to support retrospective taxation—it becomes imperative to understand the nuances of these arbitrations individually to appreciate the concerns of the investors and the state’s unfettered and almost unchecked power to frame and amend taxation laws. The paper chronologically appreciates the findings in Vodafone International Holdings v Government of India, Vedanta Resources Plc v Government of India and Cairn Energy Plc v Republic of India, while trying to draw the common thread of retrospective taxation vis-à-vis fair and equitable treatment clause (FET) and most-favoured nation (MFN) violations and other similar themes. Subsequently, the potential overlap between Vedanta and Cairn because of cross disclosures and parallel proceedings has been deconstructed. Lastly, the paper attempts to critically analyse the tribunal’s approaches in the disputes, while also balancing the concerns of the stakeholders involved and cementing a more reformed investment treaty regime in India.