Cairn Energy (LON: CNE) has announced an update on its proceedings against India under the UK-India Bilateral Investment Treaty.
The Arbitral Tribunal has indicated that, whilst it is not yet able to commit to a specific award release date, it expects to be in a position to issue the Award in the summer of 2020. In compliance with direction from the Tribunal, the relevant text is reproduced in full below.*
Cairn Energy continues to have a high level of confidence in the merits of its claims in the arbitration and is seeking full restitution for losses of more than US$1.4 billion.
*”The Arbitral Tribunal has indicated that it expects to be in a position to issue the Award in the summer of 2020, but has clarified that to avoid any misunderstanding, the Tribunal did not intend firmly to commit to a specific Award-release date, nor is it yet in a position to do so.”
