US appeals court upholds $2 bn Devas award against Antrix

A US appeals court has affirmed a $562.5 million arbitral award against Antrix Corporation, the commercial arm of ISRO, which with interest has crossed $2 billion. The three-judge bench of the Ninth Circuit ruled that US courts have jurisdiction to recognise the award, rejecting Antrix's argument that state ownership shields it from enforcement. The dispute stems from a 2005 satellite services deal that Antrix terminated in 2011.

The court has sent the case back to the district court to examine the impact of Indian proceedings where the Delhi High Court annulled the award in 2022 and the Supreme Court upheld that annulment in 2023. Antrix can seek a rehearing or approach the US Supreme Court. Legal experts say the remand proceedings will be the key battleground, as Antrix's strongest defence is that an award annulled in India should not be enforced in the US.

The ruling has strategic and reputational implications for ISRO and other government-linked commercial entities, signalling that state ownership alone may not shield them from overseas enforcement. The Ninth Circuit also separately reversed the registration of a judgment sought by three Mauritian shareholders of Devas for lack of standing.