Antrix-Devas case setback: Dutch SC upholds $111 million award
The March 6 decision of the Hoge Raad, which dismissed state-owned Antrix’s appeal, allows “DMAI to enforce the ICC decision of September 14, 2015 between Devas and Antrix” and asks Antrix to “pay the costs of the appeal proceedings, estimated at e905 in payments up to and including this decision and e1,800 in fees on the part of DMAI and increased by statutory interest” Official English of the SC order in Dutch accessed by ET Its translation indicates that these expenses will be covered if Antrix does not pay within fourteen days from today.
In 2022, the Delhi HC annulled the ICC court’s $562.5 million award for 2015, ruling that the 2005-era Antrix-Devas contract was fake and violated India’s “public policy”. In January 2022, the Supreme Court approved the liquidation/closure of Devas Multimedia on similar grounds and also rejected the appeal against the decision in 2023.
While the Netherlands SC decision has a direct impact on India’s interests in the Netherlands – as it opens the door for Devas to target India’s sovereign assets in Dutch territory to recover the award – it is also likely to impact ongoing litigation over the deal, including with the US.
According to Antrix, as detailed in the court decision, “The implementation of the ICC decision will lead to legal consequences of a contract concluded through fraud.”
“This is contrary to public policy, which requires refusal of enforcement under Article V, paragraph 2(b), of the New York Convention,” India said. However, the Hague-based Hoge Raad held that the Supreme Court of India and the NCLT’s reasons for rejecting Devas’ request for “cross-examination” of Antrix witnesses and subsequent disgorgement proceedings “do not meet the requirements of due process and adequate safeguards”.
As for the other “fraud allegation” made by Antrix — that the Devas deal was withheld from relevant government agencies — the order said the judges “did not give Devas the opportunity to rebut Antrix’s allegations on this important point.” The court added that this “violates due process requirements: disproportionately restricts Devas’ opportunity to prove his allegations on a crucial point.” At this point, Devas’ right to a fair trial was violated. “This not only means that the powers of the appointed liquidator have no legal effect in the Netherlands, but also that the decision that fraud has occurred cannot be recognized in the Netherlands.”
The latest Dutch order adds to a series of negative decisions in foreign courts on the issue.
This is the second major setback in India in a month and the third in ten months due to the controversial deal between Isro’s commercial arm Antrix and Devas, which was terminated in 2011.
On February 2, the decision of the UK Commercial Court in the Bilateral Investment Treaty (BIT-2) arbitration initiated by Devas’ Mauritius shareholders also dealt a blow, ruling in favor of Devas in a dispute over who had the power to represent Devas assets: the court-appointed liquidator or the original administrators in India.
The UK court allowed the original shareholders to continue their legal fight against India in London despite Devas being legally dissolved in India.
Earlier, in June 2025, the US Supreme Court had struck down the major protective shield that India had against seizure of Indian assets.
