Devas-Antrix deal: US court allows seizure of $87,457 funds from US satellite firm

A US court has allowed foreign investors in the start-up firm Devas Multimedia Pvt Ltd to seize $87,457 from the bankrupt US satellite firm Intelsat as part of efforts to recover a compensation of over $1.2 billion from Antrix Corp., the commercial arm of the Indian Space Research Organisation (ISRO), for the cancellation of a 2005 satellite deal.

Three Mauritius-based investors in Devas Multimedia have been attempting to seize funds at Intelsat – which has outstanding dues payable to Antrix Corp – through proceedings in a US federal court for the Eastern District of Virginia.

Intelsat Service and Equipment LLC, a US company, which is under bankruptcy proceedings in the Eastern District of Virginia, owes Antrix Corp $146,457, and $87,457 is the amount that the firm has shown as being available for seizure by the foreign investors in Devas Multimedia Pvt Ltd.