Cairn Energy secures French court order to seize 20 Indian government properties

Thursday, 8 July 2021Newsdesk

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.

New Delhi, 08 July 2021

As per news report of The Indian Express, 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 USD 1.2 billion plus interest and penalty to Cairn Energy after reversing a retrospective tax demand. With Indian govt not honouring the award, Cairn Energy has moved in multiple jurisdictions overseas to recover the amount due by seizing Indian government assets.

Source - indianexpress.com