Partial relief for Air India in Devas award
The Hindu
Canada court says Devas can seize 50% of Air India's assets, exempts AAI
In partial relief for India, a court in Canada has said that investors of Devas Multimedia can seize only 50% of Air India’s (AI) assets held by the International Air Transport Association (IATA). It has also quashed the order permitting seizure of funds belonging to the Airports Authority of India (AAI).
Earlier, in two separate orders on November 24 and December 21, Devas shareholders had received permission from the Quebec Superior Court to seize assets of AAI and AI held by IATA in connection with the two arbitration awards it won for wrongful cancellation of its deal with ISRO’s arm, Antrix, in 2011. Subsequently, Devas shareholders moved to freeze $30 million belonging to the two entities, including $17.3 million of ticketing fees collected on behalf of AI.
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