Cairn Energy sues Air India in U.S. court to enforce $1.2 billion arbitration award

Saturday, 15 May 2021Newsdesk

The move ratchets up pressure on the Union govt to pay the sum of $1.2 billion plus interest and costs that Cairn Energy was awarded by an arbitration tribunal in December

New Delhi, 15 May 2021

As per news report of The Hindu, Cairn Energy has sued flagship carrier Air India to enforce a $1.2billion arbitration award that it won in a tax dispute against the country, according to a U.S. District Court filing reviewed by Reuters. The move ratchets up pressure on the Union 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.

Source -The Hindu