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 USD 1.7 billion arbitration award, sources said on Thursday.
On June 11, the French court had ordered Cairn Energy's takeover of Indian government properties, mostly comprising flat; 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. The company is targeting assets abroad of more state-run companies in a bid to recover dues from the government.
Cairn Energy has already moved courts in the US, UK, Canada, France, Singapore, the Netherlands and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government's Rs 10,247 crore demand in back taxes.
According to government sources, the Centre will defend its case in courts if such proceedings materialise. Official sources said that the government is confident of winning its appeal in The Hague.
