(RTTNews) - Cairn Energy Plc (CNE.L), in an update on its proceedings against the Government of India under the UK-India Bilateral Investment Treaty, said the Arbitral Tribunal has indicated that it does not expect significant delays and hopes to remain reasonably within the lead-time it had anticipated.
The Arbitral Tribunal said it is not yet able to commit to a specific date for its ruling. But it expects a release of the Award after the end of the summer.
Cairn said it 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.
The international tribunal had in August 2018 completed hearings in the Cairn Energy's challenge to the Indian government using retrospective legislation to seek 10,247 crore Indian Rupees in taxes. The tribunal was supposed to give an award by February 2019, but in March it delayed it to 2019 end and again delayed to summer of 2020.
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