Devas’ principal claim now is that India has unlawfully expropriated its investment through the liquidation of Devas and its takeover by the liquidator, which, in turn, has not allowed the enforcement of the ICC award, which is Devas’ largest asset.
India, on its part, can mount an argument of ‘illegality’ to challenge the jurisdiction of a BIT arbitration tribunal.
To fortify its case, India should also strive to expeditiously complete its ongoing criminal investigations into the matter to establish criminal culpability.