Air India and IATA assets confiscated in Canada

Air India and IATA assets confiscated in Canada
Confiscation of Air India and IATA assets in Canada Isro Antrix Corp Devas Multimedia
Abstract
Confiscation of Air India and IATA assets in Canada: A Canadian court has ordered the confiscation of the assets of Air India and the Airports Authority of India (IATA) in the country’s Quebec province. Hereby, assets worth around Rs 50 crore have been confiscated.
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A Canadian court dealt a heavy blow to India. In fact, the court ordered the confiscation of the assets of Indian Airlines and the Airports Authority of India (IATA) in the country’s Quebec province. Hereby, assets worth around Rs 50 crore have been confiscated. According to one report, this is a major victory for Davas Multimedia in the 10-year battle.
According to an English newspaper report, the Quebec Supreme Court issued two orders in this regard on November 24 and December 21. These included orders to seize the assets of AAI and Air India held by IATA, so that the recovery can be made in favor of Devas. Following these requests, AAI’s $6.8 million (about 50 crore) assets in Quebec were confiscated. However, the exact figure for the value of Air India’s assets has not been revealed yet. More than $30 million in assets were said to have been confiscated for Air India. These assets were owned by the International Air Transport Association in the Canadian province of Quebec.
The case concerns a satellite deal between ISRO subsidiary Antrix and Dewas, which was canceled in 2011. In this case, the International Chamber of Commerce ruled in favor of Dewas and ordered the Indian government to pay $1.3 billion. Based on this decision, the foreign shareholders of Devas went to court against the Indian government in several countries including Canada and America to recover, as this decision came in their favour.