Canada court orders seizure of Air India, AAI assets over dues
A Canadian court has authorised the seizure of assets belonging to the Airport Authority of India and Air India held with the IATA in the Quebec province and internationally, in a key victory for the shareholders of satellite maker Devas Multimedia in its decade-long legal battle with India. Two separate orders passed by the Superior Court of Quebec on November 24 and December 21 show that assets of the Indian airport operator worth around $6.8m held by the IATA have been seized. The value of the confiscated Air India assets wasn’t immediately available, but representatives of the shareholders said they have seized more than $30m in India-owned assets to date under the orders of the Canadian court. “Our action in Canada has resulted in millions of dollars garnished by Devas shareholders and represents the first fruits of a globally focused effort to be paid,” said Matthew D McGill, partner at Gibson, Dunn & Crutcher, and the lead counsel for several of the shareholders. “Our enforcement in Canada reaffirms the fundamental legal principle accepted around the world that deadbeat debtors must pay what they owe,” McGill said Monday.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2022-01-04/star/canada-court-orders-seizure-of-air-india-aai-assets-over-dues
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Canada court orders seizure of Air India, AAI assets over dues
A Canadian court has authorised the seizure of assets belonging to the Airport Authority of India and Air India held with the IATA in the Quebec province and internationally, in a key victory for the shareholders of satellite maker Devas Multimedia in its decade-long legal battle with India. Two separate orders passed by the Superior Court of Quebec on November 24 and December 21 show that assets of the Indian airport operator worth around $6.8m held by the IATA have been seized. The value of the confiscated Air India assets wasn’t immediately available, but representatives of the shareholders said they have seized more than $30m in India-owned assets to date under the orders of the Canadian court. “Our action in Canada has resulted in millions of dollars garnished by Devas shareholders and represents the first fruits of a globally focused effort to be paid,” said Matthew D McGill, partner at Gibson, Dunn & Crutcher, and the lead counsel for several of the shareholders. “Our enforcement in Canada reaffirms the fundamental legal principle accepted around the world that deadbeat debtors must pay what they owe,” McGill said Monday.<br/>
