Cairn identifies $70 billion Indian assets for seizing to recover dues from the government

Cairn Energy plc has identified $70 billion of Indian assets overseas for potential seizure to collect $1.72 billion due from the Indian government. The assets identified range from 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. Cairn plans to move courts in the US and Singapore for seizure of assets if the Indian government refuses to honour an international arbitration award. This move, if successful, will put India in league with Pakistan and Venezuela, which faced similar enforcement action over failure to pay arbitration awards.

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