HONG KONG (Reuters Breakingviews) - THE WELL IS DRY. Cairn Energy’s years-long tax fight against India is two steps forward and one step back. New Delhi is petitioning the Dutch Court of Appeal to set aside an arbitration award made in the British company’s favour. Prime Minister Narendra Modi’s government may be buying time to find another solution, but delays are expensive; as interest accumulates, the award’s total value has risen from $1.4 billion in December up to $1.7 billion, according to a person familiar with the situation. That’s twice Cairn’s market capitalisation in London. The petition increases the prospect that Cairn will take aggressive steps to enforce or monetise the award now registered in the Netherlands, United Kingdom, United States, Canada, France and Singapore. Cairn could try to seize physical or financial assets held overseas by the government of India or sell the award to aggressive debt collectors. Neither party will want such outcomes. There are hopes the UK Prime Minister Boris Johnson’s visit to India in April will break the impasse. If not, Cairn might have to get its hands dirty. (By Una Galani)