Devas arbitral to not impact disinvestment of Air India: Govt sources

A superior court's decision in Canada on Devas arbitral win will not impact the disinvestment process of Air India, sources tell Business Today TV. Quebec Superior Court has designated a judge on an urgent basis to hear Air India's plea today on quashing seizures of Air India's assets.
 
The urgent hearing comes after a superior court in Canada authorised the seizure of assets belonging to the Airport Authority of India and Air India held with the International Air Transport Association (IATA) in the Quebec province in District of Montreal.
 
An application for a seizure before judgment was filed by Devas Employees Mauritius Pvt Ltd, Devas Multimedia Pvt Ltd, and Telecom Devas Mauritius Ltd against Antrix Corporation ltd, an Indian corporation wholly-owned by Government of India. As per the preliminary application submitted, Devas Shareholders sought court's authorisation to seize all sums or moveable properly of AAI, and Air India held by International Air Transport Authority (IATA.)
 
Two separate orders passed by a superior court of Canada on November 24, and December 21 show that assets of the Indian airport operator worth around $6.8 million have been seized. The exact amount due to Air India that is held up is yet not known.
 
Business Today has accessed copies of the order.
 
The development comes at a time when the government's deal to sell Air India to Tata Group has been finalised, and is in the handover phase. "There is no delay, there are some formalities. Air India handover process will be smooth without any hurdles." said, a govt source on the condition of anonymity.
 
Government is expected to complete the Air India disinvestment process within 2-3 months. Earlier, the government was set to complete the handover process of Air India to Tatas by December 2021.

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