India Files Appeal In $1.2 Billion Cairn Arbitration Case: Report – News 24-7 Live News 24-7 Live
India Files Appeal In $1.2 Billion Cairn Arbitration Case: Report

India Files Appeal In $1.2 Billion Cairn Arbitration Case: Report

India has appealed on the grounds that taxation-related matters are not covered in its bilateral investment treaty with the United Kingdom under which the case was filed.

The appeal comes as Cairn is pulling out all the stops to recover the damages award

India has appealed against an order by an international tribunal to pay $1.2 billion in damages, plus other costs, to Cairn Energy in a long-running tax dispute, two sources with direct knowledge of the matter told Reuters. London-listed Cairn in December was awarded damages of $1.2 billion-plus interest and costs, taking the current total to over $1.7 billion. India, which is now liable to make this payment, had said previously it would challenge the order.

The appeal, filed on Monday in a Dutch court, comes as Cairn is pulling out all the stops to recover the damages award, including hiring a team of asset recovery experts. It also comes weeks ahead of UK Prime Minister Boris Johnson’s visit to India to build deeper business ties.

News Source:- NDTV

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