A New York court has paused Cairn Energy’s pursuit of US assets of Air India for the recovery of $1.2 billion arbitral award, so as to allow the British firm to reach a settlement with the Indian government on the long drawn dispute.
The New York district court delayed the tax suit to November 18, according to court documents reviewed by PTI.
This follows Cairn Energy and Air India jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country.
