This withdrawal furthers AAI efforts to evade enforcement of the arbitration award against India held by Devas shareholders.
The Airports Authority of India (“AAI”) has announced its withdrawal from the international system to collect overflight and landing fees. This withdrawal furthers AAI efforts to evade enforcement of the arbitration award against India held by Devas shareholders. The action was taken despite AAI’s formal assurances earlier this year to Canadian courts that the status quo would be maintained. Consequently, the Court of Appeal of Quebec has reinstated the multimillion seizure order pending the appeal process.
Jay Newman, Senior Advisor to Devas Shareholders made the following statement: “This precipitous action by AAI confirms the reality that deadbeat sovereigns that dishonour their treaty obligations and international judgments have nowhere to hide, and no choice but to withdraw from the civilised world of trade and commerce like other pariah states.”
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