NEW DELHI: In a big relief for Isro’s commercial arm Antrix against its legal fight against Bengalurubased Devas Multimedia, a court in the Netherlands on Tuesday upheld the liquidation orders of the company by the National Company Law Tribunal (NCLT) and the subsequent orders of the NCLAT and Supreme Court of India upholding the tribunal’s liquidation order.
In a judgment on Tuesday, the preliminary injunction judge H J Vetter of the Dutch court rejected the request of Devas Multimedia America Inc (DMAI), a subsidiary of parent company Devas Multimedia, to enforce the ICC (international tribunal) judgment — which awarded $1. 2 billion compensation to Devas for a failed satellite deal with Antrix in 2005 — by seeking to seize the assets in form of contract receivables (amount received from satellite services) of Antrix as well as its sister arm NSIL in Netherlands.
The judge said, “It follows from all the foregoing that the liquidation judgment can be recognised in the Netherlands. This means the Dutch courtmust assume that Devas has gone into liquidation and that a liquidator is in office. It is not in dispute between the parties that under Indian law in case of liquidation, the appointed liquidator is exclusively authorised to act on behalf of the liquidated company, in this case Devas. ”
Lauding the Dutch court order, Chinmoy Roy, senior legal officer of Antrix, told TOI, “After the Indian court ruling in our favour, this Dutch court order is another welcoming victory. ”
The judge further ruled, “. . . Those considerations must be read in light of the NCLT’s opinion and the Supreme Court that, in short, there was fraud in the Devas agreement and are understandable in that light. ”
The court also ordered DMAI to pay the costs of the legal proceedings to Antrix and Newspace (NSIL) within 14 days of the order.

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