Air India's planes to vessels belonging to the Shipping Corporation of India, and properties owned by state-owned banks to oil and gas cargoes of PSUs are all potential assets Cairn is eyes to recover it's $1.2 billion arbitration award.
PTI reports that assets are across several jurisdictions are being identified for potential seizure by energy giant Cairn to collect it's dues from the Indian government.
Cairn had filed a lawsuit in a New York court to get Air India recognised as the alter ego of India and that "it should be held jointly and severally responsible for India's debts, including from any judgment resulting from recognition of the award". If the court ruling sides with Cairn then it can seek seizure of assets in the US such as airplanes, immovable assets and bank accounts to recover the amount it was awarded by the arbitration tribunal.