The Delhi High Court today agreed to hear Devas Multimedia's plea to attach the bank accounts of ISRO's Antrix Corporation to secure damages worth USD 672 million awarded to it by an international tribunal in 2015.
The Delhi High Court today agreed to hear Devas Multimedia's plea to attach the bank accounts of ISRO's Antrix Corporation to secure damages worth USD 672 million awarded to it by an international tribunal in 2015.
Paris-based International Chamber of Commerce's (ICC) arbitration body, International Court of Arbitration, in its September 2015 ruling had asked Antrix to pay damages worth USD 672 million (Rs 4432 crore) to Devas for "unlawfully" terminating a deal in 2011, citing national security reasons.
Antrix had contended that Delhi High Court did not have the jurisdiction to hear Devas' plea as the contract was executed in Bangalore and both the companies were also based there.
Justice S Muralidhar, however, was of the view that though the City Civil Court in Bangalore may have the territorial and pecuniary jurisdiction, it cannot grant any of the reliefs sought by Antrix in its plea there.
Antrix in its plea of 2011 had sought directions to Devas restraining it from proceeding with the ICC arbitration, contrary to the agreement between them and from getting it modified from the ICC.
Antrix was of the view that till the court in Bangalore decided whether it had the jurisdiction, Delhi High Court cannot take up the plea of Devas.
The high court has disagreed with Antrix' contention saying that the only order that can possibly be passed by the Bangalore City Civil Court was that none of the reliefs sought by Antrix in its 2011 plea can be granted.
"In the circumstances, waiting for that decision indefinitely would be an exercise in futility," the high court said in its 35-page verdict holding that Devas' plea was maintainable.
It directed Antrix to file before March 21, an affidavit by an authorised officer, along with its audited balance sheets and profit and loss accounts for the past three years, to facilitate the hearing in the matter.
The high court also directed Antrix to withdraw from the Bangalore court its plea, filed in November 2015, challenging the arbitral award and to file it here.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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