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Cairn Energy Secures French Court Order To Seize 20 Indian Government Properties

On June 11, the French court had ordered Cairn Energy's take-over of Indian government properties, mostly comprising flats; and the legal process got completed on Wednesday evening.
PTI
Jul 08 2021
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On June 11, the French court had ordered Cairn Energy's take-over of Indian government properties, mostly comprising flats; and the legal process got completed on Wednesday evening.
A Cairn India employee works at a storage facility for crude oil at Mangala oil field. Representative image. Photo: Reuters/Parth Sanyal/Files
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New Delhi: 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 the $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 flats; 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.

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With the Indian government not honouring the award, Cairn Energy has moved in multiple jurisdictions overseas to recover the amount due by seizing Indian government assets.

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This article went live on July eighth, two thousand twenty one, at forty-five minutes past eleven in the morning.

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