On June 11, the French court had ordered Cairn Energy’s take-over of Indian government properties.
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 $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 Wednesday evening.
An arbitration panel had in December ordered the Indian government to return $1.2 billion plus interest and penalty to Cairn Energy after reversing a retrospective tax demand.
With Indian government not honouring the award, Cairn Energy has moved in multiple jurisdictions overseas to recover the amount due by seizing Indian government assets.