Cairn Energy case: Courts in five countries confirm $1.4 billion arbitration against India

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.

The development opens up the possibility of Cairn Energy seizing Indian assets in those countries if it does not pay the amount, PTI reported, quoting unidentified officials.

On Sunday, Cairn Energy Chief Executive Officer Simon Thomson said it was time for India “to honour the award”.