Execution of US court's $1.2 bn order against ISRO's Antrix halted by SC

  • A Supreme Court Chief Justice of India (CJI) headed bench has held in abeyance a 2015 arbitral award ordered by the Indian Space Research Organization (ISRO) commercial arm, Antrix Corporation, to pay compensation to a Bengaluru-based startup, Devas Multimedia Private Limited (Devas Multimedia Pvt Ltd vs Antrix Corporation Ltd.) of around US $1.2 billion.

  • In support of Devas Multimedia, a Washington court recently ordered the execution of the award dated September 14, 2015, and requested the Indian government agency to deposit the fee of 18 per cent annual interest that worked out to $1.2 billion.

  • The payment was ordered to be made for the leasing of two S-band Transponders on two ISRO satellites in accordance with a 2005 deal between Devas and Antrix. To offer digital services, Devas had decided to use the same. Devas was promoted by a number of the former ISRO personnel. However, in February 2011, the central government cancelled the contentious deal, citing sovereignty.

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