Cairn Energy is set to approach the International Court of Justice (ICJ), asking it to appoint an arbitrator on behalf of the Indian government in its $1.6 bn...
The amendment to Arbitration Act will be taken up in the forthcoming Parliament session. The amended act would be on par with the United Nations Commission on International Trade Law (UNCITRAL) system.
In exchange for $160 million in compensation for its equity and contractor claims, Bechtel agreed to forgo international arbitration over the expropriation of its investment.