Cairn Energy Plc said on Sunday it had discussed multiple proposals with Indian government officials in recent days in an attempt to find a “swift solution” to a long-drawn-out tax dispute with the South Asian nation. In December, an arbitration body awarded the British firm damages of $1.2 billion-plus interest and costs, after ruling India had breached its obligations to Cairn under the U.K.-India Bilateral Investment Treaty.
This month, Cairn filed a case in a U.S. district court to enforce the arbitration award, taking an initial step in its efforts toward recovering dues. The U.S. court this week issued electronic summons to the Indian government to file its response to the lawsuit within 60 days or face a judgment by default. In a release on Sunday, Cairn said it had held “cordial and constructive discussions” with officials from the Indian finance ministry.
“We remain hopeful that an acceptable solution can be found, in order to avoid further prolonging and exacerbating this
