Canada Court Orders to Seize the Assets of Air India and AAI
The Superior Court of Quebec issued two separate decisions on November 24 and December 21, demonstrating that the IATA has confiscated assets belonging to the AAI valued at approximately $6.8 million.
- The exact value of the Air India assets seized is not revealed.
- The government is soon closing the deal with Tata Sons on the sales of Air India, and this litigation could prove detrimental to the agreement.
- Devas’ overseas investors have taken their case to courts in the United States, Canada, and other countries, accusing India of failing to honour arbitral rulings and attempting to seize the country’s assets abroad.
In a victory for the shareholders of satellite company Devas Multimedia in its legal struggle with India, a Canadian court has reportedly ordered the seizure of assets belonging to the Airport Authority of India (AAI) and Air India held with the International Air Transport Association (IATA). The Superior Court of Quebec issued two separate decisions on November 24 and December 21, demonstrating that the IATA has confiscated assets belonging to the AAI valued at approximately $6.8 million. The exact value of the Air India assets seized is not revealed. According to an ET article, representatives of the shareholders stated that $30 million had been taken so far due to the IATA action. The news is significant because the government signed a share purchase agreement with Tata Sons to sell the national carrier for Rs 18,000 crore. Tata’s deal with the government to buy Air India included indemnification from earlier legal claims against the latter.
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