Delhi High Court sets aside arbitral award in favour of Devas

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 $560 million along with interest to Devas Multimedia Private Limited.

The Delhi High Court held that the the impugned award dated September 14, 2015 suffers from patent illegalities & fraud and is in conflict with Public Policy of India.

In January, the Supreme Court had junked an appeal filed by Devas Multimedia challenging an order to wind up the company.

A bench comprising Justice Hemant Gupta and Justice V Ramasubramanian dismissed the appeal filed by Devas Multimedia Pvt Ltd.

The National Company Law Tribunal (NCLAT) had upheld the earlier order of the Bengaluru bench of the National Company Law Tribunal (NCLT), which had on May 25, 2021 directed the winding up of Devas Multimedia and appointed a provisional liquidator.