Cairn update on proceedings against the Government of India
Cairn is announcing an update on its proceedings against the Government of India under the UK-India Bilateral Investment Treaty.
The Arbitral Tribunal has indicated that, whilst it has encountered some difficulties created by the Covid-19 pandemic, it does not expect significant delays and hopes to remain reasonably within the lead-time it had anticipated. Whilst it is not yet able to commit to a specific date for its ruling, it expects a “release of the Award after the end of the summer.”
Cairn continues to have a high level of confidence in the arbitration and is seeking full restitution for losses of more than US$1.4 billion.
Source / More information : Cairn
Report by: OGP/Segun Cole , Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook