CAIRN ENERGY SUES AIR INDIA FOR AWARD WON AGAINST GOVT
Cairn Energy has sued India’s flagship carrier Air India to enforce a $1.2 billion arbitration award that it won in a tax dispute against India, according to a U.S. District Court filing.
The move ratchets up pressure on the Indian government to pay the sum of $1.2 billion plus interest and costs that the British firm Cairn was awarded by an arbitration tribunal in December. The body ruled India breached an investment treaty with Britain and said New Delhi was liable to pay.
A senior government official, speaking on condition of anonymity, said that no such notice has been received. “...Government/concerned organization shall take all necessary steps to defend against any such illegal enforcement action.”
MUMBAI/NEW YORK: