New York Court Pauses Tax Suit To Allow Cairn To Settle Dispute With India
NDTV
This follows Cairn Energy and Air India jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country.
A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of USD 1.2 billion arbitral award, so as to allow the British firm to reach a settlement with the Indian government on the long drawn dispute.
The New York district court delayed the tax suit to November 18, according to court documents reviewed by PTI.
This follows Cairn Energy and Air India jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country.
The new law will result in withdrawal of the Rs 10,247 crore tax demand that the government had sought from Cairn.
