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In a major win for the Centre, the Delhi High Court has set aside order of International Chamber of Commerce directing Antrix (commercial arm of ISRO) to pay damages of over Rs 15,000 crore along with interest to Devas Multimedia Private Limited.
In September 2015, Devas had won a $562-m award from the International Chamber of Commerce arbitration which said Antrix had wrongfully scrapped a deal to build satellites for Devas. In October 2020, a US court upheld the ICC award.
The Devas shareholders are enforcing an International Chamber of Commerce arbitral award of $1.2 billion to Devas, owed by ISRO commercial arm Antrix that scrapped a satellite deal with the company in 2011, leading to a decade-long legal battle.
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