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.
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 govt not honouring the award, Cairn Energy has moved in multiple jurisdictions overseas to recover the amount due by seizing Indian government assets.
However, Govt. of India has said "We have not received any notice , order or communication , in this regard, from any French Court"