Shock: 50 crore assets of Air India and IATA seized in Canada, know what is the reason here

Posted on 4th Jan 2022 04:45 pm by rohit kumar

A Canadian court has given a strong blow to India. The court ordered the confiscation of the assets of Indian airlines Air India and Airport Authority of India (IATA) in the country's Quebec province. Under this, assets worth Rs 50 crore have been confiscated. According to a report, this is being considered as a big victory for the Davas Multimedia Company in the 10-year battle.

 

 

According to the report of an English newspaper, the Superior Court of Quebec had given two orders in this regard on 24 November and 21 December. These included orders for confiscation of the assets of AAI and Air India held with IATA so that recovery could be made in favor of Devas. Following these orders, AAI's assets worth $6.8 million (about Rs 50 crore) have been confiscated in Quebec. However, the exact figure of how many properties of Air India have been seized, its value has not been revealed yet. It is being told that assets worth more than $ 30 million of Air India have been confiscated. These assets were held by the International Air Transport Association in the Canadian province of Quebec.

 

 

The case pertains to a satellite deal between ISRO's Antrix Corporation and Dewas, which was scrapped in 2011. In this case, the Court of International Chamber of Commerce ruled in favor of Devas and ordered the Indian government to pay $ 1.3 billion. Based on this decision, foreign shareholders of Davas had gone to court against the Indian government in many countries including Canada and America for recovery, on which this decision has come in their favor.

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