In an embarrassing development, a French court has frozen 20 properties belonging to the Government of India in Paris, which according to Cairn Energy is a “necessary preparatory step to taking ownership” of these properties.
This long running dispute over tax arrears has come to this pass as a result of the Indian government’s arrogance and inefficiency in failing to honour international treaties and to pursue its legal options effectively, the In other views:
T T Mohan Ram explains why the bankruptcy process needs a re-look, pointing out that a mechanism is needed to ensure that bank-led resolution and not the National Companies Law Tribunalis the first resort for lenders. Read it here