NEW DELHI:
Cairn was awarded damages of over US$1.2 billion plus interest and costs in a long drawn-out tussle over a tax dispute and the Indian government is now liable to make this payment. An Indian official, however, said at the time the government would likely challenge the order. Cairn Energy declined to comment but referred to an earlier statement from Jan 20 when the company said it was in talks with the Indian government regarding adherence to the tribunal's ruling and taking steps to protect its rights to the award.Cairn is looking to identify bank accounts and other assets, including potentially Air India planes and even Indian ships, that could be subject to seizure in the absence of a settlement, said a source with knowledge of the situation.
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