Cairn Energy case: Europe's leading player in oil and gas wins USD 1.4 billion arbitration award
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In a major boost to Cairn Energy, courts in five countries, including the US and the UK, have given recognition to an arbitration award that asked India to return $1.4 billion. According to experts, this opens the avenue for Cairn to seize Indian assets in those countries if India does not pay the award. Cairn Energy had moved the courts in nine countries to enforce the award against India, which the company won after a dispute over a retrospective capital gains tax.
In a major boost to Cairn Energy, courts in five countries, including the US and the UK, have given recognition to an arbitration award that asked India to return $1.4 billion. According to experts, this opens the avenue for Cairn to seize Indian assets in those countries if India does not pay the award. Cairn Energy had moved the courts in nine countries to enforce the award against India, which the company won after a dispute over a retrospective capital gains tax.
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