Supreme Court stays arbitration award against ISRO arm Antrix

The Supreme Court on Wednesday stayed execution of the international arbitration award that asked Antrix Corporation, the commercial arm of Indian Space Research Organisation, to pay compensation of $1.2 billion to Bengaluru-based startup Devas Multimedia for cancelling a satellite deal in 2005.

While the international arbitral tribunal had passed the award in September 2015, the order to execute it was delivered by a US court last week.