To Make India Pay $1.2 Billion Award, Cairn Files Case In US To Make India Pay $1.2 Billion Award, Cairn Files Case In US Cairn asked the US court to recognise and confirm the award, including payments due since 2014 and interest compounded semi-annually, according to a February 12 filing
The case marked a first step in Cairn s efforts towards recovering its dues
Cairn Energy has filed a case in a U.S. district court to enforce a $1.2 billion arbitration award it won in a tax dispute against India, a court document showed, ratcheting up pressure on the government to pay its dues. In December, an arbitration body awarded the British firm damages of more than $1.2 billion plus interest and costs. The tribunal ruled India breached an investment treaty with Britain and said New Delhi was liable to pay. Cairn asked the U.S. court to recognise and confirm the award, including payments due since 2014 and interest compounded semi-annually, according to the Feb. 12 filing seen by Reut