Cairn Energy
Cairn Energy
Photo: Twitter/@CairnEnergy

UK's Cairn Energy has secured a French court order to seize about 20 Indian government properties in Paris to recover a portion of $1.2 billion from India on the backdrop of the arbitration victory of the company, sources privy to the development said.

According to the people in the know and reports, French courts completed the legal process on Indian asset takeover on Wednesday that started last month when it had ordered the takeover in favour of the energy company.

The British energy major has said that it may file lawsuits across several countries to make government firms and banks liable to pay the dues.

The company is targeting assets abroad of more state-run companies in a bid to recover dues from the government.

After reports of identification of Indian assets overseas worth $70 billion by Cairn for potential seizure came out, government sources said that the Centre is well aware of its legal rights and 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.

Sources further pointed out that Cairn did not pay a single rupee tax anywhere in the world in respect of the impugned transactions. Cairn had also lost its appeal before the income-tax tribunal.

With inputs from PTI.

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