US court asks India to pay $132 million to Deutsche Telekom in Devas Antrix case
- March 30, 2024
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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US court asks India to pay $132 million to Deutsche Telekom in Devas Antrix case
Subject: IR
Section: Int organisation
- The United States District Court for the District of Columbia confirmed a $132-million award awarded to Deutsche Telekom against the Republic of India. The German company had petitioned the court to confirm this award even as India countered this petition to get the award dismissed.
- This was awarded by the United Nations Commission on International Trade Law arbitration, after it found that India was in violation of the bilateral investment treaty signed between Germany and India. The reason that India was found to be in violation of the treaty was the fact that it had the Indian government terminate a spectrum deal between state-owned Antrix and Devas in 2011. Deutsche Telekom was a shareholder in Devas.
United Nations Commission on International Trade Law
The United Nations Commission on International Trade Law is the core legal body of the United Nations system in the field of international trade law. A legal body with universal membership specializing in commercial law reform worldwide for over 50 years, UNCITRAL’s business is the modernization and harmonization of rules on international business.