The Indian government has petitioned the Dutch Court of Appeal to set aside last December’s arbitration award in favour of Cairn Energy, the London-listed company said on March 30.  

An arbitration tribunal had ruled in favour of Cairn in a six-year-old retrospective tax dispute and ordered the Indian government to pay damages of $1.2bn plus interest and costs. 

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“Cairn has full confidence in its position.  As previously advised, Cairn will continue to take all steps necessary in order to protect the interests of its shareholders,” the company said. 

Indian media had reported in January that Cairn has told New Delhi that it plans to enforce the $1.2bn arbitration award through the seizure of India’s assets overseas.