India ready to appeal Cairn's $1.2 billion arbitration award this week

Courts in five countries, including the US and UK, have given recognition to the $1.4 billion arbitration award

A day after British oil firm Cairn Energy pressed for honouring the over $1.4-billion international award on a tax dispute, finance ministry officials said New Delhi was preparing to appeal at The Hague this week. The Union government has finalised the grounds for appeal against the award and is in the final leg of discussions with the Dutch counsels, according to officials.

Based on the appeal, India will apply for a stay on the enforcement of the award at a lower Dutch court. It will also contest the enforcement in eight other jurisdictions including the US, UK, Canada and France. Getting