Relief for ISRO's Antrix, HC sets aside $562 mn award to Devas
New Delhi, August 29
The Delhi HC on Monday set aside an arbitral award directing ISRO’s Antrix Corporation to pay $562.2 million damages with interest to Devas for “unlawfully” terminating a deal in 2011.
The award suffered from “patent illegalities and fraud”, and was in conflict with the public policy of India, Justice Sanjeev Sachdeva said, allowing the petition filed by Antrix under the Arbitration and Conciliation Act.
Antrix had sought setting aside of the arbitral award passed on September 14, 2005 by the Arbitral Tribunal constituted by the International Chamber of Commerce which had allowed the claim of Devas Multimedia Private Ltd.
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