Cairn Energy, Air India seek stay on New York court proceedings

Cairn Energy and Air India have jointly asked a New York federal court to stay further proceedings in the British firm’s US lawsuit targeting the airline for enforcement of a $1.2-billion arbitral award.

The move follows the government enacting a law to scrap retrospective taxation in the country, which in effect will result in withdrawal of the Rs 10,247 crore tax demand on Cairn, according to court documents reviewed by PTI.