Cairn Energy secures French courtroom order to grab 20 Indian authorities properties

Britain’s Cairn Energy Plc has secured a French courtroom order to grab about 20 Indian authorities properties in France to recuperate part of USD 1.7 billion arbitration award, sources mentioned on Thursday.
On June 11, the French courtroom had ordered Cairn Energy’s take-over of Indian authorities properties, largely comprising flat; and the authorized course of received accomplished on Wednesday night.
An arbitration panel had in December ordered the Indian authorities to return USD 1.2 billion plus curiosity and penalty to Cairn Energy after reversing a retrospective tax demand.
With Indian govt not honouring the award, Cairn Energy has moved in a number of jurisdictions abroad to recuperate the quantity due by seizing Indian authorities property.