The Delhi High Court (the “Court”) in a recent decision, has set aside a 2015 arbitral award of the International Chamber of Commerce (“ICC”) which had directed Antrix Corporation Limited (“Antrix”) to pay damages of over US$ 560 million plus interest to Devas Multimedia Private Limited.
This is the latest development in a series of disputes that first arose more than a decade ago, as a result of Antrix’s premature termination of a leasing agreement with Devas. In its decision, the Court has held that the ICC Award, now worth in excess of US$ 1 billion with interest, suffered from “patent illegalities and fraud” and was accordingly in conflict with the “public policy of India“, such that it was liable to be set aside under India’s Arbitration and Conciliation Act, 1996…
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