Cairn, Air India seek stay on New York court proceedings

cairn air india seek stay on new york court proceedings

Sumary of Cairn, Air India seek stay on New York court proceedings:

  • Cairn and Air India in a joint request to US District Judge Paul Gardephe on September 13 stated that a stay on proceedings would give them “additional time to evaluate the effects and implications” of legislation that repealed the retroactive tax.
  • In return for the Rs 7,900 crore, Cairn would drop lawsuits threatening court-ordered seizures of Indian government property abroad.
  • Cairn had on May 14 brought a lawsuit in the New York district court to hold Air India liable as the alter ego of the Republic of India for the obligations the government owes under a foreign arbitral award.

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