Even as international investors in a Bengaluru-centered startup Devas Multimedia moved a US federal court to permit the nationwide discovery of Antrix’s US assets, Antrix Corporation, a commercial arm of the Indian Space Research Organization (ISRO), asserted in a filing before a United States federal court that it has a really few assets in the US. Three Mauritius-centered Devas Multimedia investors are looking for Antrix assets to attach in order to recoup $111 million in compensation for a botched 2005 Devas-Antrix satellite contract.
An order issued on August 16, 2021, by the United States federal court for western district of Washington authorized Devas investors to uncover Antrix properties in the region. Instead of focusing on the Washington region, foreign investors are now attempting to acquire directives to make it a nationwide asset discovery.
Devas Multimedia, which is facing liquidation as a result of a May 25 order by India’s National Company Law Tribunal, has also filed court documents on November 29 opposing a move by the Devas Multimedia’s Mauritius investors to make the United States federal court judgment for the exploration of Antrix Corp investments applicable across the US.
The Mauritius-centered Devas Multimedia investors CC/Devas Mauritius, Devas Employees Mauritius Pvt Ltd and Telcom Devas Mauritius have filed a motion in the United States federal court for western district of Washington to enroll an August 16 court order allowing the investors to locate Antrix assets in Washington across the US.
Devas Multimedia and Antrix Corporation, in response to the investors’ petition, argued in documents on November 29 that the investors are not entitled to a share of the $1.2 billion remunerations paid to Devas Multimedia by the international tribunal.
“Because intervenors have specified no assets in Washington,” Antrix wrote in a court filing, “they cannot depend on this court’s ruling on the Washington state law to bolster their application to register the verdict in places where the Washington state law would not apply.” Only two US firms, Intelsat Service and Equipment LLC as well as Yazmi USA LLC, are thought to owe the ISRO commercial division any dues which would be of concern to Devas investors, according to Antrix.
‘Intelsat owes Antrix $150,000 or less. In May 2020, Intelsat filed for bankruptcy, and the case is currently awaiting in the United States Bankruptcy Court for Eastern District of Virginia. Antrix owes Yazmi under $40,000. Apart from the $186,304 owing by these two entities, the record shows that Antrix has no assets in the United States,” according to the company. “Antrix has claimed for months that it has no significant assets in the United States and that the intervenors have not provided any evidence to challenge that claim.” As a result, this court should dismiss intervenors’ application for nationwide registration,” argued the ISRO commercial arm.