Britain’s Cairn Energy Plc has secured a French court order to seize about 20 Indian government properties in France to recover a part of USD 1.7 billion arbitration award, sources said on Thursday.
On June 11, the French court had ordered Cairn Energy’s take-over of Indian government properties, mostly comprising flat; and the legal process got completed on last Wednesday evening.
An arbitration panel had in December ordered the Indian government to return USD 1.2 billion plus interest and penalty to Cairn Energy after reversing a retrospective tax demand.
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With Indian gov’t not honouring the award, Cairn Energy has moved in multiple jurisdictions overseas to recover the amount due by seizing Indian government assets.