The NCLT issues an order to forcibly liquidate and sanction the expropriation of Devas Multimedia Private Ltd. The NCLT admits the reason for the expropriation is to prevent Devas from using its incorporated status for “enforcing the ICC Award” outside of India, which they claim would “abuse the process of law.” The Indian Government must seize Devas because it owns the ICC Award. As a result of this order, the Indian Government’s sophisticated scheme to unlawfully evade payment of the ICC Award is now fully transparent.
- Timeline Stories
- May 25, 2021