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The Delhi High court on Monday allowed Antrix Corporation Ltd's plea and sets aside the Arbitral award dated 14.09.2015 passed by the Arbitral Tribunal allowing the claim of Devas Multimedia Private Limited over the sudden termination of the agreement.
Antrix case: Big win for Govt! Delhi HC sets aside Rs 15,000 cr arbitral award in favour of Devas
An official tapped by the Indian government to oversee the liquidation of Devas Multimedia Private Ltd. wants the Ninth Circuit to block shareholders in the satellite communications firm from collecting a nearly $1.3 billion arbitral award, claiming they have no right to that sum.
"The amounts garnished by IATA for the period prior to date of disinvestment are yet to be released by the Court," the govt further informed the Rajya Sabha.
The deal was cancelled in 2011 on the ground that the auction of the broadband spectrum was mired in fraud and that the government needed the S-band satellite spectrum for national security and other social purposes.