Britain’s Cairn Vitality Plc has secured a French courtroom order to grab about 20 Indian authorities properties in France to recuperate part of $1.7 billion arbitration award, sources stated on Thursday.

On June 11, the French courtroom had ordered Cairn Vitality’s take-over of Indian authorities properties, principally comprising flats; and the authorized course of bought 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 Vitality after reversing a retrospective tax demand.

With Indian authorities not honoring the award, Cairn Vitality has moved in a number of jurisdictions abroad to recuperate the quantity due by seizing Indian authorities belongings.

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Raushan Kumar
A Cook, Software analyst & Blogger.

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