Cairn Energy case: Courts in five countries confirm $1.4 billion arbitration against India
The development effectively means Cairn Energy can move to seize Indian assets if the amount is not paid to them. Mar 09, 2021 · 12:50 pm File photo Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in the desert Indian state of Rajasthan August 29, 2009. | Reuters
Courts in five countries, including the United States and the United Kingdom, have given recognition to an arbitration award that asked India to return $1.4 billion (over Rs 10,234 crore) to British oil and gas exploration company Cairn Energy, PTI reported on Monday. The amount includes the arbitration award of $1.2 billion and “significant interest and costs”, according to Cairn Energy.
In December, an arbitration body awarded the British firm damages of $1.2 billion plus interest and costs, after ruling India had breached its obligations to Cairn under the U.K.-India Bilateral Investment Treaty