India to contest $1.4 billion Cairn arbitration award and fight for right to tax

It’s official now. India will file an appeal against the Cairn arbitration award that has asked India to return $1.4 billion to Cairn Energy Plc. Top government sources have said that the process of filing an appeal against the international arbitration panel has begun.

It’s official now. India will file an appeal against the Cairn arbitration award that has asked India to return $1.4 billion to Cairn Energy Plc. Top government sources have said that the process of filing an appeal against the international arbitration panel has begun. The source said that “just in case enforcement proceedings are initiated, India is confident to address them and will strongly defend its interests and sovereign rights”. Courts in five countries, including the US and the UK, have given recognition to an arbitration award that has asked India to return $1.4 billion to Cairn Energy Plc, opening up the possibility of the British oil company to seize Indian assets in these nations.