Case Record - 8th Justice R.K. Tankha Memorial International Arbitration Moot, 2023

8
TH
NLIU - JUSTICE R.K. TANKHA

MEMORIAL INTERNATIONAL
ARBITRATION MOOT
14 - 16 April 2023
CASE RECORD
TABLE OF CONTENTS
I. DRAMATIS PERSONAE…………………………………………………………..………3
II. NOTICE OF ARBITRATION……………………………………………………….….…7
III. RESPONSE TO NOTICE OF ARBITRATION……………………………………..….17
IV. FIRST WITNESS STATEMENT OF TANIA VAIDYA………………………………..25
V. PROCEDURAL ORDER NO. 1………………………………………………………….29
VI. CLAIMANT’S EXHIBITS………………………………………………………………..34
VII. RESPONDENT’S EXHIBITS…………………………………………………………….72
2
8TH NLIU R.K. TANKHA MEMORIAL INTERNATIONAL ARBITRATION MOOT
DRAMATIS PERSONAE
1. Jeevs Patel
Jeevs Patel is an Indian entrepreneur and the founder of ShuttleUp. For years, Jeevs has been
truly fascinated by space and, from a young age, knew that he wanted to build satellites to
help connect remote corners of the world. As such, Jeevs studied electrical engineering at the
prestigious Indian Institute of Technology in Delhi. Thereafter, he went to Queens’ College,
University of Cambridge on a full scholarship in 2006 and completed his postgraduate degree
as a Master of Advanced Study in Astrophysics.
At the University of Cambridge, Jeevs was a brilliant student and regularly published papers
on satellite constellations. One of these papers was titled “Modelling of picosatellite
constellation- based network”, where he attempted to create a blueprint for accurately
simulating satellite-to-ground communication links for a picosatellite constellation network.
In November 2011, he presented his ground-breaking research at a Queens’ College alumni
event, where it caught the attention of Dr Tania Vaidya.
2. Tania Vaidya
Dr Tania Vaidya is a first-generation Indian immigrant and citizen of the UK. She is the
founder and CEO of Morbus Capital LLP (Morbus Capital), an alternative investment fund
that specialises in the acquisition of distressed debt. In fact, Morbus Capital is one of the
world’s largest credit-oriented asset managers. Owing to the potential growth of the
commercial space sector, Morbus Capital created a global desk to invest in companies in the
satellite sector in January 2011.
Given the common background that Dr Vaidya and Jeevs share, she feels invested in Jeevs’
journey and becomes his mentor in the field. In the months leading up to the incorporation of
ShuttleUp, Dr Vaidya would regularly introduce Jeevs to influential people in her network to
help build his credibility and visibility. Dr Vaidya also advised Jeevs to have other directors
on the board of ShuttleUp, reminding him that “teamwork makes the dream work”.
3. Julius Goh
Dr Julius Goh has been a part-time director of ShuttleUp since its incorporation and shares
Jeevs’ passion for space and satellites. A Singaporean national, he worked as a researcher at
the National Aeronautics and Space Administration (NASA) and subsequently worked as a
scientist at the Indian Space Research Organisation. He earned his doctorate in Space
Sciences at the University of Michigan and has since published several influential papers on
the development of cutting-edge technology for satellites. Dr Goh lectures regularly at various
3
universities in India and Singapore. While his students may think that he is too strict with
their grades, he is widely regarded as a respected and knowledgeable academic.
4. Yulek Korzenski
Yulek has been one of two full-time directors at ShuttleUp since its incorporation (the other
full-time director is Jeevs). She was a gifted student, and her academic intelligence was noted
at a young age. She subsequently received a competitive merits-based scholarship to pursue
her MBA at the London Business School. After moving to India, she acted as an executive
director on the boards of many household brands in the technology, media and telecoms
sector. In 2010, she was listed as one of Forbes India’s 30 Under 30 in light of her
achievements.
Dr Vaidya introduced Jeevs to Yulek shortly after her listing on Forbes and, following many
conversations with Jeevs, she developed an interest in satellites and agreed to join the board
of ShuttleUp. Yulek recommended Dr Goh to Jeevs after learning about his intention to create
ShuttleUp.
5. Richard Ma
Richard Ma is the CEO of R2 Detour Limited (R2 Detour), a launch services provider based
in the United Kingdom. An Astronomy and Space Science graduate, Richard has been a tech
and space enthusiast for years. When he was 10, he created BASIC-based games relating to
space and successfully sold them, earning what he now calls his “first pot of gold”. Prior to
being the CEO of R2 Detour, he was involved in various capacities in a few business
ventures, with small to medium successes.
Richard is frequently found in space-related conferences and events. In early October 2014,
Dr Vaidya attended the 72nd International Astronautical Congress in Dubai. The Congress
attracted many players within the global space community. At one of the side events during
the Congress, Dr Vaidya met with Richard, and Richard explained R2 Detour’s unique
offering, which specifically focusses on launching picosatellite constellations at low costs.
Richard noted that this was a service dedicated to start-ups in the sector. Dr Vaidya was
impressed by Richard and informed him about ShuttleUp. Richard requested Dr Vaidya to
introduce him to Jeevs, which she did.
6. Hamish McLoughlin
Hamish McLoughlin is the current Head of Legal at R2 Detour. Prior to taking this position,
Hamish was a commercial lawyer practising in London, where he worked for a major
international law firm, specialising in the provision of debt and equity funding support to
startups in the technology, media and telecoms sector. From January to July 2012, Hamish
4
was the senior associate on Project Zarya, which concerned the US$150m Series A funding of
R2 Detour led by MoonStar Capital (BVI) LLP. Following the completion of this deal,
Richard offered Hamish a role at R2 Detour with a generous remuneration and stock option
package. Hamish accepted this offer in December 2012, and later commenced his role in
March 2013 following his gardening leave. Hamish was responsible for the negotiation of the
Launch Services Agreement with ShuttleUp and the subsequent settlement discussions that
occurred between the parties.
7. Amjad Munir
Amjad Munir is Partner and Co-Founder of Munir & Gupta LLP (Munir & Gupta), an
Indian law firm based in Delhi. In 2003, Amjad studied law at the Indian Law Institute in
Delhi. Thereafter, he registered with the Bar Council of Delhi and successfully completed the
All India Bar Examination in 2007.
Amjad has been a lifelong friend of Jeevs ever since they first met playing cricket together at
the Sonnet Cricket Club in Delhi. Jeevs appointed Munir & Gupta as ShuttleUp’s main
external legal counsel for Indian law advice in 2012. From October to November 2014, Jeevs
also sought Amjad’s advice regarding the Launch Services Agreement with R2 Detour,
despite Amjad’s lack of expertise in the commercial space sector.
8. Heather Sharpestone
Heather Sharpestone is the former Deputy Chief Executive of the UK Space Agency. Heather
was a key business contact of Richard, as she was responsible for the initial approval of R2
Detour’s licence for launch service activities in 2010. However, due to a bout of ill health,
Heather was forced to resign from her full-time position with immediate effect in January
2016. In December 2021, following her recovery from ill health, Heather was appointed as a
Conservative peer to the House of Lords due to her expertise in the space industry.
9. Hans Yolembecker
Hans Yolembecker is the CEO of Pictoverse Limited (Pictoverse), a UK-based start-up
specialising in augmented reality technologies. Hans is an Austrian academic who has
published several peer-reviewed articles on the potential applications of augmented reality
technology and the future of society in the Metaverse. He is also a part-time lecturer at the
Department of Computing at Imperial College, London.
In October 2013, Hans was a keynote speaker at the 71st International Astronautical Congress
in Luxembourg, where he discussed the use of augmented reality in training future astronauts.
During this event, he met Richard who provided an explanation of R2 Detour’s unique
offering, which specifically focusses on launching picosatellite constellations at low costs.
5
Hans was intrigued by this proposition, as he required picosatellites for the rollout of
Pictoverse’s retail shopping solution.
Following this, Pictoverse and R2 Detour entered into a Launch Services Agreement in
January 2014, with a scheduled launch planned for December 2014. However, this launch
was delayed due to “regulatory issues and concerns” expressed by the UK Space Agency
about R2 Detour’s current operations and prior launches.
10. Annabelle Hawker

Annabelle Hawker is Internal Counsel at ShuttleUp. Prior to taking this position in 2019, she
was an active commercial litigator at a boutique US law firm with operations in London.
Annabelle was hired by Jeevs to assist with the preparation for potential litigation with R2
Detour. She was also involved in the initial settlement discussions between the parties.
6
IN THE MATTER OF AN ARBITRATION
UNDER THE RULES OF THE
SINGAPORE INTERNATIONAL ARBITRATION CENTRE
BETWEEN:
R2 DETOUR LIMITED
Claimant
v.
SHUTTLEUP LIMITED
MORBUS CAPITAL LLP
Respondents
______________________________
NOTICE OF ARBITRATION
____________________________________
4 March 2022
7
CONTENTS
I. INTRODUCTION .............................................................................................................. 9
II. PROCEDURAL MATTERS ............................................................................................ 10
1. The Parties ........................................................................................................................ 10
2. The Arbitration Agreement .............................................................................................. 12
3. Governing Law ................................................................................................................. 13
4. Confirmation of Service .................................................................................................... 13
5. Filing Fee ........................................................................................................................... 13
III. NATURE AND CIRCUMSTANCES OF THE DISPUTE .............................................. 14
IV. REQUEST FOR RELIEF................................................................................................. 16
8
I. INTRODUCTION
1. Pursuant to this Notice of Arbitration, the Claimant requests that its dispute with the
Respondents is referred to arbitration in accordance with Clause 25 of the Launch Services
Agreement, and Rule 3 of the Arbitration Rules of the Singapore International Arbitration
Centre effective as of 1 August 2016 (the SIAC Rules).
2. Unless otherwise specified in this Notice of Arbitration, capitalised terms have the same
meaning as that given in the SIAC Rules.
3. Pursuant to Rule 20.2, the Claimant reserves the right to submit a detailed Statement of Claim
at a time determined by the Tribunal.
4. The documents and correspondence referred to in this Notice of Arbitration are exhibited
hereto.
9
II. PROCEDURAL MATTERS
1. The Parties
1.1 Claimant
5. The Claimant is R2 Detour Limited (R2 Detour or the Claimant), a company incorporated in
England and Wales. The Claimant’s contact details are:
Address: R2 Detour Limited
18A St Paul’s Avenue, London N1 8QA
Attention: Richard Ma
Email: ceo@r2detour.co.uk
Telephone: 004420279734
Fax: N/A
6. The Claimant’s counsel is Reynard & de Vere LLP (RdV LLP). Correspondence to the
Claimant in these proceedings should be directed as follows:
Address: Reynard & de Vere LLP
73 Chitty St, Fitzrovia, London, W1T 7DD
Attention: Jean-Baptiste de Vere
Email: J.Baptiste@deverellp.co.uk
Telephone: 004477673291
Fax N/A
1.2 Respondents
7. The Respondents are ShuttleUp and Morbus Capital in each case as defined below (each a
Respondent and, together, the Respondents).
10
8. The First Respondent is ShuttleUp Limited (ShuttleUp or the First Respondent), a company
incorporated in India. Subject to any request from ShuttleUp to the contrary, correspondence
to ShuttleUp in these proceedings should be directed in accordance with Clause 23 of the
Launch Services Agreement, to:
Address: ShuttleUp Limited
12th Floor, Cyber City, Tower Z, DLF Building 29, Phase III - Gurgaon,
122002, Haryana
Attention: Jeevs Patel
Email: legaldesk@shuttleup.in
Telephone: 0091296227
Fax N/A
9. The Second Respondent is Morbus Capital LLP (Morbus Capital or the Second Respondent),
a company incorporated in England and Wales. Subject to any request from Morbus Capital to
the contrary, correspondence to Morbus Capital in these proceedings should be directed in
accordance with Clause 23 of the Launch Services Agreement, to:
Address: Morbus Capital LLP
31, Globe Offices, 19 High Timber Street, London EC4Z 8IL
Attention: Dr Tania Vaidya
Email: investmentdesk@morbus.com
Fax N/A
10. The Claimant understands that the Respondents have engaged Kumar Shetty Rawal LLP (KSR
LLP) as its counsel. The Claimant understands that KSR LLP’s contact details are:
Address: Kumar Shetty Rawal LLP
11
1223, South Extension Part 2, New Delhi - 110049
Attention: Eenakshi Gupta
Email: teamrocket@ksrllp.com
2. The Arbitration Agreement
11. The Claimant and the Respondents are parties to an Agreement relating to the Provision of
Launch Services (the Launch Services Agreement) dated 13 November 2014.1 Clause 25 of
the Launch Services Agreement contains an arbitration agreement in the following terms:
“(a) Any dispute, controversy, difference or claim of any kind whatsoever

arising out of or in connection with this Agreement, including any question
regarding its existence, construction, interpretation, validity, breach or
termination or the consequences of its nullity and any dispute relating to any
non-contractual obligations including any claims on the basis of tort or statute,
between the Parties shall be referred to and finally resolved by arbitration
under the arbitration rules of the Singapore International Arbitration Centre,
which rules (as amended and restated from time to time) are deemed to be
incorporated by reference into this Clause.
(b) The language of the arbitration shall be English, and any award shall
be written in the English language. The seat, or legal place, of the arbitration
shall be London, England. The arbitral tribunal shall comprise three arbitrators,
each of whom shall be directly appointed by the Singapore International
Arbitration Centre.
(c) Service of any request for arbitration made pursuant to this Clause shall
be by post at the address given for the sending of notices under this Agreement
at Clause 23.”
1 Exhibit C-1.
12
12. Accordingly, the parties have agreed that:
(a) the arbitration shall be heard before a three-member Tribunal, with each being directly
appointed by the SIAC;
(b) the arbitration will be conducted in English; and
(c) the seat of arbitration will be London.
3. Governing Law
13. Clause 24 of the Launch Services Agreement provides:
"This Agreement and any non-contractual obligations arising out of or in

connection with it are governed by, and shall be construed in accordance with,
English Law."
4. Confirmation of Service
14. The Claimant confirms that copies of this Notice of Arbitration and all accompanying
documents are being served on the Respondents by delivery to the physical addresses and email
set out above, and also by courier and e-mail to KSR LLP at the addresses set out above.
5. Filing Fee
15. The filing fee for this Notice of Arbitration is being paid to SIAC.
13
III. NATURE AND CIRCUMSTANCES OF THE DISPUTE
16. R2 Detour is a launch service provider, and ShuttleUp is a start-up specialising in the production
of picosatellites, also known as CubeSats.
17. R2 Detour were introduced to ShuttleUp through Dr Tania Vaidya, the CEO of Morbus Capital.
In early October 2014, Dr Vaidya attended the 72nd International Astronautical Congress in
Dubai where she met Mr Richard Ma, the CEO of R2 Detour. Dr Vaidya explained ShuttleUp’s
picosatellite program in great detail, as if she had a vested interest in its success. Shortly
thereafter, on 12 October 2014, Dr Vaidya introduced ShuttleUp to R2 Detour.2
18. On 13 October 2014, Mr Ma provided marketing materials relating to R2 Detour and its launch
service capabilities following a request for information from Mr Jeevs Patel, the CEO of
ShuttleUp.3
19. On 13 November 2014, R2 Detour and ShuttleUp entered into the Launch Services Agreement,
under which in consideration of the payment provided and to be provided by ShuttleUp
(totalling GBP 88,300,000), R2 Detour agreed to provide bespoke launch services to
ShuttleUp.4 On the date of execution, ShuttleUp paid R2 Detour GBP 40,000,000 in
accordance with Clause 4.1 of the Launch Services Agreement.
20. Morbus Capital was copied on all correspondence between R2 Detour and ShuttleUp until the
execution of the Launch Services Agreement.5 Subsequently, during the due diligence of
ShuttleUp’s operations, R2 Detour discovered that in December 2012, Morbus Capital
extended a credit facility to fund ShuttleUp with an aggregate value of USD 400 million to be
paid over 10 years.6
21. Since 13 November 2014, R2 Detour has invested significant time and resources in altering and
adapting its system to prepare for the launch of ShuttleUp’s CubeSats. The costs incurred by
R2 Detour increased particularly after it was discovered that there were technical
incompatibilities between R2 Detour’s system and ShuttleUp’s CubeSats.7 Between 2015 and
2017, R2 Detour also regularly assisted ShuttleUp by introducing other companies and contacts
to Mr Patel in response to his queries.8
2
Exhibit C-2.
3
Exhibit C-2, attaching Exhibit C-3.
4
Exhibit C-1, Clauses 2 and 3.
5
For example, see Exhibit C-4 and Exhibit C-5.
6
Exhibit C-6.
7
Exhibit C-7.
8
14
22. By February 2021, the financial costs to R2 Detour arising directly from the Launch Services
Agreement were around GBP 60,000,000 exceeding the amount of consideration ShuttleUp
paid at the start of the contract by nearly GBP 20,000,000.9
23. Five months before the scheduled launch date of 5 December 2021, ShuttleUp failed to pay the
Milestone Payment listed under Clause 4.2 of the Launch Services Agreement.10
24. On 8 August 2021, R2 Detour sought immediate payment of the outstanding sum under the
contract, noting that “ShuttleUp has failed to pay the consideration under the LSA within a
reasonable time. Thus, we now require immediate payment of the full GBP 88,300,000.”11
25. On 5 December 2021, ShuttleUp did not make the required payment. This unequivocally
constituted a breach of the agreement. Accordingly, R2 Detour informed ShuttleUp that “[i]n
light of your persistent non-payments in breach of the LSA, and with regret, R2 Detour hereby
refuses to launch ShuttleUp’s picosatellites.”12
26. Since then, R2 Detour and ShuttleUp have attempted negotiations in hopes of achieving an
amicable resolution to the Parties’ dispute, but they have not proven successful.13 R2 Detour
accordingly brings these arbitral proceedings against ShuttleUp for breach of contract.
27. For the sake of clarity, in effect the current claim for recovery is against Morbus Capital, as R2
Detour has little hope of a meaningful recovery from ShuttleUp due to widespread reports of
its “deteriorating financial condition”.14 Therefore, it is R2 Detour’s case that both Morbus
Capital and ShuttleUp are parties to the Launch Services Agreement and the arbitration
agreement therein, and are jointly and severally liable for any orders of payment following
these proceedings. The close involvement and vested interest of Morbus Capital is plainly
evident from the start of the transaction due to the USD 400 million credit facility it provided
to ShuttleUp.15 Moreover, Morbus Capital remained copied on all correspondence regarding
the Launch Services Agreement.16 Finally, and perhaps most tellingly of all, disclosure during
the negotiations prior to this Notice of Arbitration being filed revealed that Dr Vaidya consented
to the terms of the Launch Services Agreement.17
9
Exhibit C-10.
10
Exhibit C-11.
11
Exhibit C-12.
12
Exhibit C-12.
13
Exhibit C-13.
14
Exhibit C-14.
15
Exhibit C-6.
16
17
Exhibit C-15.
15
IV. REQUEST FOR RELIEF
28. The Claimant respectfully requests the Tribunal to:
(a) order that the Respondents shall compensate the Claimant for all of its losses caused
by the Respondents’ breach of the Launch Services Agreement (a precise quantification
of the sums involved will be provided at a later stage);
(b) order that the Respondents shall pay all of the Claimant's costs and expenses of this
arbitration, including without limitation, SIAC administrative expenses, the Tribunal's
fees and expenses, and the Claimant's legal and other fees;
(c) award pre- and post-award interest on the above sums at such rate and from such dates
as the Tribunal sees fit; and
(d) award any further or other relief as the Tribunal considers appropriate or necessary.
29. The Claimant reserves the right to amend and/or supplement the relief sought in this Notice of
Arbitration.
Respectfully submitted
Reynard & de Vere LLP
4 March 2022
16
BETWEEN:
R2 DETOUR LIMITED
Claimant
v.
SHUTTLEUP LIMITED
MORBUS CAPITAL LLP
Respondents
______________________________
RESPONSE TO NOTICE OF ARBITRATION
____________________________________
14 March 2022
17
CONTENTS
I. INTRODUCTION ............................................................................................................ 19
II. NATURE AND CIRCUMSTANCES OF THE DISPUTE .............................................. 20
1. Jurisdiction........................................................................................................................ 20
2. ShuttleUp was induced by R2 Detour’s misrepresentations ............................................ 22
III. REQUEST FOR RELIEF................................................................................................. 24
18
I. INTRODUCTION
1. The Respondents, ShuttleUp Limited (ShuttleUp or the First Respondent) and Morbus
Capital LLP (Morbus Capital or the Second Respondent), submit this Response to the Notice
of Arbitration dated 4 March 2022 submitted by R2 Detour Limited (R2 Detour or the
Claimant).
2. The Respondents reserve the right to amend and/or supplement the claims, submissions and/or
relief contained in this Response to Notice of Arbitration (the Response). The documents and
correspondence referred to in the Response are exhibited hereto.
3. Pursuant to Rule 20.3 of the SIAC Rules, the Respondents reserve the right to submit a detailed
Statement of Defence at a time determined by the Tribunal.
4. R2 Detour’s descriptions in Section II (Procedural Matters) of the Notice of Arbitration are

agreed between the Parties. Unless otherwise specified in this Response, capitalised terms have
the same meaning as that specified in the Notice of Arbitration.
5. A copy of this Response and its accompanying exhibits have been duly served on R2 Detour
and its counsel.
19
II. NATURE AND CIRCUMSTANCES OF THE DISPUTE
7. The Respondents dispute, deny and object to R2 Detour’s claims in their entirety.
1. Jurisdiction
8. At the outset, the Tribunal does not have jurisdiction over R2 Detour’s claims.
1.1 The Launch Services Agreement was not validly executed
9. ShuttleUp is an Indian start-up company attempting to make a mark in the sector for satellite
operations. It was incorporated on 22 June 2012.1
10. On 31 October 2014, Mr Hamish McLoughlin, the Head of Legal for R2 Detour, sent a list of
key terms to ShuttleUp. In his correspondence, he provided a “strict two-week deadline”,
noting that the terms should be finalised with urgency.2 The ostensible reason provided by Mr
McLoughlin was that R2 Detour were considering a contract with a different picosatellite
manufacturer, but would only able to commit to either ShuttleUp’s project or the other project.
Mr Ma, the CEO of R2 Detour, responded later to confirm R2 Detour would “prioritise”
ShuttleUp’s project if an agreement can be reached between the parties within two weeks.3
11. On 4 November 2014, Mr Patel, the CEO of ShuttleUp, reviewed the heads of terms with
external counsel – Mr Amjad Munir of Munir & Gupta LLP. Munir & Gupta LLP did not have
extensive experience in the commercial space sector, but Mr Patel replied to R2 Detour noting
that he was happy to review a final version of the contract so the negotiation process could be
expedited. Thereafter, R2 Detour responded with the final draft of the Launch Services
Agreement.4
12. Unfortunately, on the eve of the two-week deadline, Mr Patel was seriously infected with
dengue fever and was in the ICU at a hospital in Delhi. At noon on the final day for execution,
Mr McLoughlin sent an email to ShuttleUp noting that if the contract is not executed by
midnight, R2 Detour would be unable to provide services to ShuttleUp.5 However, the legal
team for ShuttleUp were unable to reach Mr Patel or Ms Yulek Korzenski (the other full-time
director of ShuttleUp). Only Dr Julius Goh, a part-time director of ShuttleUp, was available.
1 Exhibit R-1.
2
Exhibit R-2.
3
Exhibit R-2.
4
Exhibit C-4.
5
Exhibit C-5.
20
13. At 11:50pm, Mr Munir duly informed R2 Detour of these developments. However, R2 Detour
responded noting that, from their perspective, the agreement was governed by English law and
could be executed following the formalities of provided in the Companies Act 2006.6 On this
basis, Dr Goh executed the Launch Services Agreement in accordance with English law on 13
November 2014 and sent it to R2 Detour, with the clear caveat that ShuttleUp were unclear of
the validity of the execution process.7 Although ShuttleUp paid half of the consideration due
under the Launch Services Agreement,8 on 6 December 2021, the board of directors of
ShuttleUp exercised their power to declare the contract as void.9
14. Applying the relevant conflict of law rules,10 Indian law is applicable to determine whether Dr
Goh had capacity to execute the Launch Services Agreement and the arbitration agreement
therein. On this analysis, as Dr Goh was a part-time director, under Indian law he could not
have validly executed the contract.11
1.2 Morbus Capital is not a party to the arbitration agreement
15. Contrary to the suggestions made by R2 Detour, Morbus Capital played no role in inducing R2
Detour to enter into the Launch Services Agreement and had no vested interest in the success
of this transaction.
16. Dr Vaidya’s relationship with Mr Patel is solely that between a mentor and a mentee.12 Mr
Patel caught Dr Vaidya’s attention at an alumni event organised by Queen’s College, University
of Cambridge. Dr Vaidya was thoroughly impressed by Mr Patel, who was a brilliant student
who regularly published papers on satellite constellations.
17. Given the common background that Dr Vaidya and Mr Patel shared, Dr Vaidya felt invested in
Mr Patel’s journey.13 In fact, Dr Vaidya assisted Mr Patel even prior to the ShuttleUp’s
incorporation and continues to be a sounding board for any of his queries.14
18. On 11 June 2014, Mr Patel approached Dr Vaidya to ask whether she had “any contacts in the
launch services space”.15 Dr Vaidya replied that she would “get back [to him] shortly” on this
topic, but ultimately her response was delayed due to competing deadlines.16
6
Exhibit C-5.
7
Exhibit C-5.
8
Exhibit R-3.
9
Exhibit RL-1, Companies Act 2013 (India), s 188(2).
10
Exhibit RL-2, Arbitration Act 1996, s 46(2).
11
Exhibit RL-3, Companies Act 2013 (India), s 21.
12
First Witness Statement of Dr Tania Vaidya, para 4.
13
14
15
Exhibit R-4.
16
Exhibit R-4; First Witness Statement of Dr Tania Vaidya, para 8.
21
19. Therefore, when viewed in the correct context, it is true that Dr Vaidya met Mr Ma at the 72nd
International Astronautical Congress in Dubai in early October 2014 and was initially
“impressed” by R2 Detour’s alleged capabilities.17 However, Mr Ma took the initiative by
explaining R2 Detour’s services, while noting that his company provided a unique offering,
which specifically focussed on launching picosatellite constellations at low costs.18
Additionally, Mr Ma noted that this is a service dedicated to start-ups in the sector, which Dr
Vaidya felt made it a natural fit for ShuttleUp.19
20. It is also true that Morbus Capital provided ShuttleUp with funding through a credit
agreement.20 However, this was public knowledge and had regulatory approval. It is unclear
how this fact, in itself, implies that Morbus Capital was also a party to the arbitration agreement
in the Launch Services Agreement.
21. Therefore, the Tribunal has no jurisdiction over this dispute.
2. ShuttleUp was induced by R2 Detour’s misrepresentations
22. R2 Detour is not entitled to compensation as it has made, whether negligently or fraudulently,
numerous misrepresentations during pre-contractual negotiations and persisted in those
representations throughout the lifespan of the contract.
23. The false representations include but are not limited to the following:
(a) R2 Detour claimed that it is highly experienced, having conducted 10 successful

launches for picosatellites, and are well placed to cater to ShuttleUp’s requirements;
(b) R2 Detour indicated that it has a good reputation in the market; and
(c) ShuttleUp will benefit from its significant network across the globe.21
24. It became clear to the Parties during the course of the Launch Services Agreement that none of
these representations holds any water. For example:
(a) On 17 December 2014, Ms Korzenski circulated a Space UK news article to Mr Patel,

Dr Goh and Dr Vaidya regarding R2 Detour encountering a “major delay” on its 10th
launch due to “regulatory issues and concerns” arising from R2 Detour’s current
17
Exhibit C-2; First Witness Statement of Dr Tania Vaidya, para 11.
18
19
Exhibit C-2; First Witness Statement of Dr Tania Vaidya, para 11.
20
Exhibit C-6.
21
See, for example, Exhibit C-2, attaching Exhibit C-3.
22
operations and prior launches.22 Tellingly, this fact was never disclosed to ShuttleUp
by R2 Detour.
(b) On 5 January 2015, after some further investigation on the internet, Ms Korzenski
uncovered that there was significant dissatisfaction among other market players
regarding R2 Detour’s capabilities, and that the reputation of R2 Detour had been on a
steady decline (rather than incline) since 2012 due to a separate failed launch. 23 It
would appear this reputation only worsened when the 10th launch of R2 Detour was
delayed in December 2014.
(c) Between 2015 and 2017, whilst it is true that R2 Detour provided contacts to ShuttleUp
during the design and manufacturing phase of the project, these leads ultimately were
dead ends that resulted in ShuttleUp paying GBP 7,000,0000 of unbudgeted
consultancy fees to third-parties, who were not UK/US based and who did not have
sufficient expertise of picosatellites or the space industry.24
25. ShuttleUp was induced by these representations to enter into the Launch Services Agreement
and, as a result, ShuttleUp suffered material losses.25
26. After growing weary of the repeated broken and unfulfilled promises by R2 Detour, Mr Patel
wrote to Mr Ma to express ShuttleUp’s dissatisfaction with the services it received under the
Launch Services Agreement. Mr Patel added that due to “the many misrepresentations ... that
have been made... before and since the time the [Launch Services Agreement] was executed”,
ShuttleUp reserved all its rights to challenge the validity of the Launch Services Agreement.26
27. Given the significant misrepresentations made by R2 Detour, ShuttleUp was well within its
right to withhold payment of the Milestone Payment under the Launch Services Agreement.
28. For the avoidance of doubt, the Respondents submit that the misrepresentation claim described
above is not time-barred under the Limitation Act 1980 or any other applicable limitation
periods.
22
Exhibit R-5.
23
Exhibit R-6, attaching Exhibit R-7 and Exhibit R-8.
24
Exhibit R-9.
25
Exhibit R-11.
26
Exhibit C-11.
23
III. REQUEST FOR RELIEF
29. The Respondents respectfully request the Tribunal to:
(a) declare that it does not have jurisdiction to adjudicate this dispute.
(b) alternatively, declare that the Launch Services Agreement has been validly rescinded
and that any sums paid should be returned to the First Respondent, and order that the
Claimant is liable to the First Respondent for damages arising from the Claimant’s
misrepresentations.
30. In addition, the Respondents respectfully request the Tribunal to:
(a) order that the Claimant pay all of the Respondents’ costs and expenses of this
arbitration, including without limitation, SIAC administrative expenses, the Tribunal's
fees and expenses, and the Claimant's legal and other fees;
(b) award pre- and post-award interest on the above sums at such rate and from such dates
as the Tribunal sees fit; and
(c) award any further or other relief as the Tribunal considers appropriate or necessary.
31. The Respondents reserve the right to amend and/or supplement the relief sought in this
Response.
Respectfully submitted
Kumar Shetty Rawal LLP
14 March 2022
24
BETWEEN:
R2 DETOUR LIMITED
Claimant
v.
SHUTTLEUP LIMITED
MORBUS CAPITAL LLP
Respondents
FIRST WITNESS STATEMENT OF TANIA VAIDYA
14 March 2022
25
I, TANIA VAIDYA, of 2708, Mount Street, Mayfair, London, will say as follows:
I. Introduction
1. I make this second witness statement in connection with the Respondents’ Response to the
Notice of Arbitration in these proceedings.
2. I have been shown the Claimant’s Notice of Arbitration dated 4 March 2022.
II. Relationship with Jeevs Patel
3. I was born in Akhnoor, a small town in Jammu, India. I was the first person in my family to
travel abroad, which I did to study economics at Queens’ College, University of Cambridge. I
received unparalleled mentorship during my undergraduate degree and was able to create
Morbus Capital LLP (Morbus Capital) due to the opportunities I received and relationships I
forged at Cambridge. Unsurprisingly, since I graduated I have tried my utmost to pay these
benefits forward.
4. For this purpose, I remain an active member of the Queens’ College alumni association and
regularly attend their events. In November 2011, I attended the annual research conference
organised by the alumni association, where innovative research of current students is
showcased. At the conference, I was exceptionally impressed by an Indian student, who
presented groundbreaking research on picosatellite constellations. This brilliant student was
Mr Jeevs Patel.
5. Following the conclusion of the presentations at the conference, I went up to Mr Patel to express
my appreciation for his fantastic research. In the course of this conversation, Mr Patel informed
me of his journey from India to Cambridge as well as his aspirations to create satellite
constellations to increase global connectivity. I was moved not just by his brilliance but also
his background, which was, of course, a mirror to my journey to the United Kingdom as well.
6. Since this chance encounter, I have acted as a mentor to Mr Patel in his journey to create
ShuttleUp.
7. I would like to believe that I have been a call away for any queries Mr Patel had while he
developed his company. Of course, as great a scientist as Mr Patel is, he had limited knowledge
of business incorporation. As such, I acted as a sounding board for his queries, which related
to commercial decisions prior to ShuttleUp’s incorporation and ever since then too. For
instance, I informed him that it would be helpful for him to include independent directors on
26
the board of ShuttleUp as well as create strong corporate governance because, at the end of the
day, teamwork makes the dream work.
III. The meeting with Richard Ma
8. Following ShuttleUp’s rapid picosatellite constellation development, Mr Patel asked me

whether I could assist him with contacts for companies that provided launch services. By this
time Morbus Capital had also created a robust global desk to invest in the satellite sector and
we had previously assisted ShuttleUp to introduce them to various manufacturing and design
companies specialising in space objects.
9. Although Mr Patel’s query went on the backburner due to other pressing issues, it resurfaced
in my mind when I attended the 72nd International Astronautical Congress in Dubai in early
October 2014. At the Congress, Mr Richard Ma came up to me at a side event to introduce his
company – R2 Detour, to me.
10. Mr Ma informed me that R2 Detour provides a unique offering in comparison to other launch
services providers. Specifically, he said that his company was dedicated to start-ups in the
satellite sector. Thereafter, he stated that R2 Detour is focussed on launching picosatellite
constellations at low costs. His conversation was so pointed that it times it felt as if he had sat
in on the private conversations I had with Mr Patel.
11. Needless to say, I was impressed with the offering R2 Detour provided and thought they would
be a natural fit for ShuttleUp. I informed Mr Ma of ShuttleUp’s involvement in his area and it
appeared that he agreed with my assessment too. As such, I connected Mr Patel and the
ShuttleUp team to Mr Ma.
IV. Morbus Capital and ShuttleUp
12. I have been referred to paragraph 27 of the Notice of Arbitration, which notes that Morbus
Capital had a “close involvement and vested interest” in ShuttleUp.
13. I wholly disagree with that characterisation. While a personal relationship akin to that of a
mentor and mentee existed between me and Mr Patel, the relationship between Morbus Capital
and ShuttleUp was purely commercial. In furtherance of such a commercial relationship,
Morbus Capital provided a USD 400 million credit facility for ShuttleUp’s operations.
14. The existence of this facility was public knowledge and indeed the information was duly filed
in a report provided by Morbus Capital to Companies House.
27
Statement of Truth
The facts and matters set out above are true and correct to the best of my knowledge and belief.
Signed:
Dr Tania Vaidya
Date: 14 March 2022
28
IN THE MATTER OF AN ARBITRATION UNDER THE 2016 SIAC RULES
SIAC CASE NO. 12548
BETWEEN:
R2 DETOUR LIMITED
Claimant
v.
SHUTTLEUP LIMITED
First Respondent
MORBUS CAPITAL LLP

Second Respondent
PROCEDURAL ORDER NO. 1
6 May 2022
29
CONTENTS
1. Procedural rules ................................................................................................................ 31

2. The Parties ........................................................................................................................ 31
3. The Tribunal ..................................................................................................................... 31
4. Communications ............................................................................................................... 31
5. Procedural Timetable ...................................................................................................... 32
6. Written statements and authorities .................................................................................. 32
7. Hearing.............................................................................................................................. 33
8. Issues to be determined ..................................................................................................... 33
30
I. Procedural rules
1. Having consulted with the Parties, the Tribunal hereby issues the present Procedural Order No.1
(PO1 or this Order).
2. These proceedings shall be conducted in accordance with the SIAC Arbitration Rules effective
1 August 2016 (the SIAC Rules), except as supplemented or varied by this Order, by future
agreement of the Parties and/or by further order of the Tribunal.
3. Capitalised terms shall have the meaning given to them in the SIAC Rules, unless defined
herein.
II. The Parties
4. The Claimant and the Respondents jointly shall each be referred to as a Party. The Claimants
and Respondents are together referred to as the Parties.
5. The Claimant is R2 Detour Limited (R2 Detour).
6. The First Respondent is ShuttleUp Limited (ShuttleUp). The Second Respondent is Morbus
Capital LLP (Morbus Capital).
III. The Tribunal
7. The Tribunal is comprised of three arbitrators. Ms Elaine Zhang and Ms Anjum Kothari sit as
co-arbitrators. The presiding arbitrator is Mr Robert Crawford.
IV. Communications
8. All correspondence, statements or other communications by a Party to the Tribunal, shall be

addressed to the organisers of the 8th NLIU Justice R.K. Tankha Memorial International
Arbitration.
9. All notifications and communications shall be sent by e-mail. Service by e-mail platform shall
be complete upon transmission to tankhamoot@nliu.ac.in.
10. All deadlines for notifications and communication will expire at midnight, India time on the
relevant date, unless otherwise stated.
31
V. Procedural Timetable
11. The procedural timetable (the Procedural Timetable) shall be as follows:
# Date Party Procedural Step

1 18th February 2023 Claimant/Respondents Filing request for clarifications with the
Tribunal
2 26th February 2023 Tribunal Ruling on request for clarifications
3 3rd April 2023 Claimant Statement of Claim and Defence to
Counterclaim
4 3rd April 2023 Respondents Statement of Defence and Counterclaim
5 14th – 16th April 2023 All Hearing
12. The Parties shall not make any statements or submit any evidence other than as provided for in
the Procedural Timetable or as permitted by the Tribunal.
VI. Written statements and authorities
13. The schedule for the filing of written statements is as set out in the Procedural Timetable.
14. Each of the Parties’ statements shall be accompanied by all legal authorities relied upon in that
statement, save that any document which has already been exhibited in the arbitration shall not
be re-exhibited, but shall be referred to by its existing exhibit or authority number.
15. All statements shall be provided in electronic format as text-searchable PDFs, with numbered
pages and paragraphs.
16. References in written statements to witness statements, other submissions, exhibits or legal
authorities shall be specific (e.g. to specified paragraphs).
17. All exhibits and legal authorities shall be cited with a distinct exhibit/authority number. Each
exhibit/authority shall be numbered consecutively as follows:
(a) the Claimants’ exhibits shall be prefixed with “C” (i.e. C-1, C-2, etc.), and legal
authorities shall be prefixed with “CL” (i.e. CL-1, CL-2, etc.);
(b) the Respondents’ exhibits shall be prefixed with “R” (i.e. R-1, R-2, etc.), and the legal
authorities shall be prefixed with “RL” (i.e., RL-1, RL-2, etc.).
32
18. All statements, pleadings and communications made as well as any accompanying exhibits,
authorities or appendices, shall be in English.
VII. Hearing
19. The hearing shall take place in person in NLIU, Bhopal, India or, if appropriate, by video
conference.
VIII. Issues to be determined
20. The Parties shall address the following issues in their next written statements and during the
hearing:
(a) Whether the Tribunal has jurisdiction to decide this dispute:
(i) What is the applicable law to determine whether Dr Goh had capacity to
execute the Launch Services Agreement?
(ii) If Indian law were the applicable law to determine whether Dr Goh had
capacity, did ShuttleUp validly execute the Launch Services Agreement?
(b) Whether Morbus Capital is a party to the arbitration agreement.
(c) Whether the Respondents’ claims are barred by the relevant limitation period.
(d) In the event that the Respondents’ claims are not time-barred, whether the Claimant is
liable for misrepresentation.
21. While the Parties have discretion to address the Tribunal on other material and pertinent issues
(if any) in addition to those listed above, the Parties are advised strongly to focus on the
specified issues.
On behalf of the Tribunal
Mr Robert Crawford (President)
Seat of Arbitration: London
33
EXHIBIT C-1
AGREEMENT
RELATING TO
THE PROVISION OF LAUNCH SERVICES
BETWEEN
R2 Detour Limited
and
ShuttleUp Limited
34
EXHIBIT C-1
THIS AGREEMENT consists of the terms of agreement set forth below and is made on 13 November
2014
BETWEEN:
(1) R2 Detour Limited (R2 Detour), a company incorporated under the laws of England and Wales
(registered number 1204507), whose registered office is at 18A St Paul’s Avenue, London N1 8QA;
and
(2) ShuttleUp Limited (ShuttleUp), a company incorporated under the laws of India (registered number
1034560), whose registered office is at 12th Floor, Cyber City, Tower Z, DLF Building 29, Phase III
- Gurgaon, 122002, Haryana,
together, the Parties.
BACKGROUND:
(A) R2 Detour is a launch service provider, and ShuttleUp is a start-up specialising in the production of
picosatellites, also known as CubeSats.
(B) Understanding and acknowledging R2 Detour’s expertise as a launch service provider, ShuttleUp
desires to engage R2 Detour to launch its CubeSats into orbit.
(C) In consideration of the payment provided by ShuttleUp at the execution of this Agreement and to be
provided five months prior to the launch, and following discussions regarding the quality and
specifications of the CubeSats, R2 Detour desires to provide the requested launch services through its
proprietary launch vehicle.
(D) In connection with this project, the Parties have met several times, where they discussed R2 Detour’s
expertise in this area and ShuttleUp’s CubeSats, as well as its expectations and intentions. The Parties
subsequently decided to enter into this Agreement on substantially the same terms as their discussions.
The Parties HEREBY AGREE as follows:
1. DEFINITIONS AND INTERPRETATIONS
1.1 Definitions
In this Agreement:
Agreement shall have the meaning set out above.
Contract Price shall have the meaning set forth in Clause 3 (Price).
CubeSats means ShuttleUp’s six-picosatellite constellation.
Dispenser means the hardware, including the strongback adaptor and/or ESPA Ring adaptor, to be
delivered to the Launch Site for integration with a Launch Vehicle (including all embedded firmware
and software) to interface with, integrate the Satellites as a Satellite, and separate and deploy the
Satellites into their designated orbit. The Dispenser is not considered an integral part of the Launch
Vehicle for purposes of this Agreement and shall be separately procured by ShuttleUp.
Down Payment shall have the meaning set forth in Clause 4.1 (Down Payment).
Effective Date shall mean the date on which this Agreement was signed.
35
EXHIBIT C-1
Excusable Delays means a delay by a Party in the performance of its obligations or commitments
under this Agreement that is beyond the control of such R2 Detour not due to its fault or negligence
in reasonably anticipating and avoiding such delays, including acts of God, acts of government in its
sovereign capacity, launch range unavailability for Launch, acts or threat of terrorism, earthquake,
riot, revolution, hijacking, fire, embargo, sabotage, or interruption of essential services such as
electricity, natural gas, fuels and/or water. Notwithstanding the above, other than an Excusable Delay
applicable to contractor or subcontractor, failure by a contractor or subcontractor of ShuttleUp
(including the contractor responsible for manufacture of the Satellites and/or the Dispenser, and its
contractors and subcontractors) to timely perform it obligations to ShuttleUp and/or deliver any
Satellite, Satellite, or component thereof, or Dispenser or component thereof, and/or failure of either
Party timely to obtain any required governmental license, permit or authorization shall not be deemed
an Excusable Delay.
Financing Entity(ies) means any entity (other than R2 Detour ), which has been specifically identified
in a written notification to R2 Detour as providing financing to ShuttleUp.
Intentional Ignition means any time prior to Launch when the ignition command is given for the
purpose of ignition of the first stage of a Launch Vehicle.
Interface Control Document means that document to be attached as Exhibit D to this Agreement,
which shall be prepared by R2 Detour with data to be supplied by ShuttleUp, negotiated in good faith
and mutually agreed upon in writing by both Parties prior to the beginning of the first Launch Period.
Inventions means all ideas, designs, concepts, techniques, inventions, discoveries, works of
authorship, modifications, improvements, or derivative works, regardless of patentability.
Launch means Intentional Ignition, for the purpose of Satellite carriage, followed by either (i) Lift-
Off or (ii) the loss or destruction of the Satellite and/or the Launch Vehicle.
Launch Activities shall have the meaning set forth in Clause 6.1 (Insurance).
Launch and In-Orbit Insurance means insurance purchased by ShuttleUp or any affiliate, or Related
Third Party of ShuttleUp covering either or both of: (i) the risks of loss with respect to the Satellites;
and (ii) the value of the Launch Service.
Launch Interval shall mean either the First Launch Interval or the Second Launch Interval, as the
case may be.
Launch Period shall have the meaning set forth in Clause 5.1 (Scheduling).
Launch Services means those services relating directly or indirectly to the Launch, and shall include
all services provided by R2 Detour under this Agreement.
Launch Site means the launch facility at R2 Detour.
Launch Vehicle shall mean the R2 Detour with a fairing configuration and as configured by R2 Detour
to satisfactorily perform the Launch of the CubeSats.
Licenses shall have the meaning set forth in Clause 15 (Licenses).
Lift-Off means physical separation of the applicable Launch Vehicle from the launch pad and release
of the hold-down restraints.
Milestone Payment shall have the meaning set forth in Clause 4.2 (Milestone Payments).
36
EXHIBIT C-1
Non-Interference Basis shall mean, with respect to any additional payload, such additional payload
does not adversely affect a Satellite with respect to the following parameters: orbit; inclination;
envelope; mass; attachment hardware; natural frequency; or launch schedule.
Payload shall mean a Satellite or Satellite Mass Simulator.
Proprietary Information means all non-public confidential, proprietary and trade secret information
and materials, whether in written, oral, electronic or other format, including all business, technical and
other information that is marked as “Confidential” or “Proprietary” or that a reasonable person would
assume to be confidential based upon the subject matter of such information or the manner in which it
was disclosed.
Related Third Parties means (a) the Parties’ respective contractors and subcontractors involved in
the performance of this Agreement and their respective directors, officers, employees, and agents; (b)
the Parties’ respective directors, officers, employees, and agents; and (c) any entity or person with any
legal or beneficial interest in the CubeSats or the ground support equipment. For the avoidance of
doubt, the Related Third Parties of ShuttleUp shall be deemed to include the manufacturer of the
Dispenser but shall not include any investor or financier of ShuttleUp.
Satellite means any CubeSat forming part of a Satellite supplied by ShuttleUp for Launch by R2
Detour pursuant to this Agreement.
Satellite Mass Simulator means mass ballast provided by ShuttleUp for integration into a given
Satellite for Launch by R2 Detour, in lieu of an actual Satellite. The mass properties of the simulator
shall conform to ICD mass properties and mechanical interface definition for an actual Satellite.
Terminated Ignition means Intentional Ignition not followed by Lift-Off or Launch Failure. For the
avoidance of doubt, a Terminated Ignition shall not constitute a Launch.
Total Failure or Launch Failure means that, due to causes primarily attributable to a Launch Vehicle
and Launch Vehicle-related events that occur at any time from Intentional Ignition until separation of
a Satellite from a Launch Vehicle, the Satellite is destroyed, permanently lost or unable to be
physically separated from the Launch Vehicle. For purposes of a Launch and In-Orbit Insurance
policy, if any (and not for any other purpose hereunder), this definition shall be modified to reflect the
meaning ascribed to the concept of “total failure” or “total loss”, as applicable, in ShuttleUp’s policy
of Launch and In-Orbit Insurance, if any, in place at the time of the applicable Launch.
2. LAUNCH SERVICES
2.1 Services
(a) R2 Detour shall furnish ShuttleUp the agreed Launch Services for the CubeSats, to be launched from
the Launch Site as contemplated herein.
(b) A Launch Service shall be considered complete upon Launch, but not complete in the event of a
Terminated Ignition. Additional services may be provided as set forth in the documents shared between
the Parties during the negotiation of this Agreement, or subject to mutual written agreement of the
Parties. With respect to each Launch Service, R2 Detour reserves the right to sell any remaining
payload capacity on the Launch Vehicle to other customers of R2 Detour on a Non-Interference Basis.
(c) ShuttleUp agrees to reserve at least one (1) meter of height above the 1575 interface plane of the
Dispenser in order to enable R2 Detour to utilize for third-party payloads, to be reflected in the
Interface Control Document.
37
EXHIBIT C-1
2.2 Initial Flight of Launch Vehicle
[REDACTED]
3. PRICE
The Contract Price shall be Eighty-Eight Million Three Hundred Thousand pounds (£88,300,000)
(“Contract Price”). Milestone Payments shall be made in accordance with Clause 4 (Payment Terms).
4. PAYMENT TERMS
4.1 Down Payment
The Parties acknowledge that, as a Down Payment, £40,000,000 shall be paid by ShuttleUp to R2
Detour on the date that this Agreement is executed.
4.2 Milestone Payment
In addition to the Down Payment, around five months before the Launch Period (and in any event no
later than 4 December 2021), ShuttleUp shall pay R2 Detour the remaining £48,300,000.
4.3 Payment Obligation
(a) ShuttleUp shall be obligated to make all payments to R2 Detour hereunder regardless of the outcome
of a Launch. Payments shall be made regardless of Launch Vehicle readiness status reports or Satellite
/ Satellite readiness status reports.
(b) Save where otherwise stated in this Agreement, any payments made under this Agreement to the extent
directly attributable to the corresponding Launch Service as set forth above (whether received by R2
Detour or due and owing to R2 Detour ) shall be considered earned and non-refundable by R2 Detour.
5. LAUNCH SCHEDULE
5.1 Scheduling
(a) The Launch shall occur on or within seven days of 5 December 2021 (the Launch Period).
(b) Notwithstanding the timeframes established for the Launch Period, the parties understand and agree
that R2 Detour shall use commercially reasonable efforts to perform the Launch within [REDACTED]
days of receipt from ShuttleUp of a complete and correct finite element model representative of the
integrated payload stack configuration, and any other information reflected in the Parties’ agreed
specifications for joint integration analyses. Any delays or noncompliance to the Parties’ agreed
specifications attributable to ShuttleUp or its Related Third Parties with respect to delivery of the
foregoing to R2 Detour shall toll R2 Detour’s obligations to perform the Launch Service day-for-day
and shall not affect R2 Detour’s rights or remedies pursuant to this Agreement.
5.2 Satellite Configuration and Delivery
(a) Configuration: ShuttleUp shall furnish R2 Detour with written notice of the quantity of Satellites
and/or Satellite Mass Simulators that shall form the Satellite to be supplied by ShuttleUp for a specific
Launch Service, and R2 Detour shall likewise notify ShuttleUp of secondary payload configuration,
38
EXHIBIT C-1
if any.
5.3 Periodic Certifications
[REDACTED]
5.4 Launch Priorities

R2 Detour shall seek to avoid launch scheduling conflicts when allocating launch slots on the R2
Detour. With respect to a manifest conflict affecting the Launch Service, R2 Detour will exercise
reasonable efforts to manage production and launch date decision-making by prioritising the interests
of ShuttleUp’s CubeSats.
6. THIRD PARTY LIABILITY FOR LAUNCH ACTIVITIES
6.1 Insurance
(a) R2 Detour shall satisfy (at its own expense) third party launch liability insurance requirements in the
amounts and consistent with applicable laws governing commercial space launch. R2 Detour shall
name as additional insureds (among others), ShuttleUp, any ShuttleUp of ShuttleUp directly involved
in Launch Activities, ShuttleUp’s Related Third Parties directly involved in Launch Activities, any
third party payload customers, any customers of a third party payload ShuttleUp directly involved in
Launch Activities, and ShuttleUp’s Related Third Parties directly involved in Launch Activities. Such
insurance shall cover death, bodily injury, property loss and damage to third parties for such launch
activities as are prescribed by the terms of the launch license issued to R2 Detour pursuant thereto.
(b) Third-party launch liability insurance does not cover any loss or damage to the Satellite or any
Satellite, or any ShuttleUp property, equipment, or personnel (or the property, equipment, or personnel
of ShuttleUp’s Related Third Parties).
39
EXHIBIT C-1
7. CROSS-WAIVERS; INDEMNIFICATION
7.1 Waivers
Each Party hereby agrees to waive any right to sue, and agrees not to sue or otherwise bring a claim
against: (a) the other Party’s Related Third Parties; (b) the U.K. or Indian Government; or (c) the other
Party’s contractors or subcontractors, for any injury, death, property loss or damage (including loss of
or damage to the CubeSats, the Launch Vehicle, or other financial loss), sustained by it or its
employees, officers, directors or agents, arising in any manner out of or in connection with activities
relating to the performance of this Agreement.
7.2 Indemnification
Each Party hereby agrees that it shall indemnify and hold harmless the other Party from and against
any liability or expense, including attorneys’ fees, resulting from any suit or claim by the indemnifying
Party’s Related Third Parties for any injury, death, property loss or damage (including loss of or
damage to the Satellite or any Satellite, the Launch Vehicle, or other financial loss) sustained by it or
any of its employees, officers, directors or agents, arising in any manner out of or in connection with
activities relating to the performance of this Agreement.
8. DELAYS
Save where otherwise stated, any delays attributable to one party shall not toll or otherwise affect
concurrent delays attributable to the other party.
8.1 Excusable Delays
Neither Party shall be liable for any delay or failure in the performance of its obligations under this
Agreement in the event such delay or failure is due to an Excusable Delay. Failure by either Party
timely to obtain any required governmental license, permit or authorisation shall not be an Excusable
Delay. Save where otherwise stated, the period of performance for each Party under this Agreement
shall be extended by the duration of any Excusable Delay. A Party seeking to invoke this Clause 8.1
shall notify the other Party writing within seven days of the occurrence of an Excusable Delay,
including a reasonable description of the causes thereof and such Parties’ efforts to avoid the Excusable
Delay or mitigate the impact thereof, and a reasonable extension period will be agreed to by both
Parties in writing. In the event of a termination by R2 Detour or ShuttleUp for Excusable Delay, R2
Detour shall fully retain any amounts paid by ShuttleUp hereunder, without further obligation or
liability to ShuttleUp. For the avoidance of doubt, any delay attributable to failure on the part of
ShuttleUp’s or R2 Detour’s contractor(s) or subcontractor(s) timely delivery of any Satellite or
Dispenser or component shall not be considered an Excusable Delay hereunder.
8.2 ShuttleUp Delays
Excluding Excusable Delays and irrespective of R2 Detour launch readiness, if ShuttleUp’s actual
launch readiness is delayed for a period exceeding one hundred eighty (180) days (in the aggregate)
beyond the last day of an applicable Launch Period (or if ShuttleUp requests such delay), ShuttleUp
agrees to pay R2 Detour delay fees of £30,000 per month.
8.3 R2 Detour Delays
Excluding Excusable Delays and irrespective of ShuttleUp’s launch readiness, if R2 Detour ’s actual
launch readiness is delayed for a period exceeding one hundred eighty (180) days (in the aggregate)
beyond the last day of the applicable Launch Period (or if R2 Detour requests such a delay), R2 Detour
agrees to pay ShuttleUp delay fees of £30,000 per month.
40
EXHIBIT C-1
8.4 Payment of delay fees
Any delay fees owed hereunder shall be payable monthly in arrears.
9. INTELLECTUAL PROPERTY
At no time shall either Party have any ownership rights, other rights or license to any Inventions of the
other Party (or the other Party’s Related Third Parties) including, without limitation, any Inventions
conceived and first reduced to practice during performance of this Agreement. The Parties do not
intend to jointly develop any Inventions hereunder.
10. CONFIDENTIALITY
(a) Neither Party shall disclose any terms of this Agreement to any third party without the prior written
consent of the other Party, except as necessary in the reasonable judgment of a Party to comply with
judicial or other governmental requirement, or when disclosure is required by a governmental agency
or under applicable laws or any securities exchange on which the securities of a Party or its affiliates
are then trading, or as otherwise agreed by both Parties in joint writing, and with reasonable notice
provided in writing at least five (5) business days in advance of the disclosure.
(b) No public announcement, release, or other disclosure of information relating to this Agreement,
including the existence of this Agreement or either Party’s performance, shall be made except by prior
written agreement of the Parties, such agreement not to be unreasonably withheld, conditioned or
delayed.
11. REPRESENTATIONS AND WARRANTIES
11.1 R2 Detour ’s representations and warranties
R2 Detour represents and warrants to ShuttleUp that for the duration of this Agreement:
(a) it is a limited company duly organised and validly existing under the law of its country of
incorporation;
(b) it has the power to execute and deliver, and to perform its obligations under this Agreement to which
it is or will be a party, and it has taken all necessary corporate action to authorise such execution and
delivery and the performance of such obligations;
(c) it has sufficient prior expertise in the provision of Launch Services to other third parties as evidenced
by the launch record provided to ShuttleUp;
(d) it will perform work in a skilful and workmanlike manner and otherwise abide by common standards,
practices, methods and procedures in the commercial aerospace industry (and not solely in the
commercial launch services industry); and
(e) the Launch Vehicles used to provide Launch Services shall be fit for purpose and free from any
material defects.
11.2 ShuttleUp’s representations and warranties
ShuttleUp represents and warrants to R2 Detour that for the duration of this Agreement:
(a) it is a limited company duly organised and validly existing under the law of its country of
incorporation;
41
EXHIBIT C-1
(b) it has the power to execute and deliver, and to perform its obligations under this Agreement to which
it is or will be a party, and it has taken all necessary corporate action to authorise such execution and
delivery and the performance of such obligations; and
(c) the Satellites provided to R2 Detour shall be fit for purpose and free from any material defects and be
capable of being used for the intended purpose.
12. DESTRUCTION OF THE LAUNCH VEHICLE AND SATELLITE

[REDACTED]
13. TERMINATION
13.1 Mutual Agreement
This Agreement may be terminated by mutual consent of the Parties in a writing signed by duly
authorised representatives of each Party.
13.2 ShuttleUp’s Right to Terminate
Provided ShuttleUp is not currently in default of a material provision of this Agreement, ShuttleUp
may terminate this Agreement upon written notice to R2 Detour, as follows:
(a) Termination for Convenience: In the case where the Launch under this Agreement has yet to occur:
at ShuttleUp’s convenience and for any reason, ShuttleUp may terminate this Agreement, subject to a
three-month written notice and a full retention by R2 Detour of the Down Payment and 30% of any
unpaid Milestone Payments, which amounts R2 Detour shall retain without further obligation or
liability to ShuttleUp.
(b) Termination for Delay: In the event R2 Detour has delayed or provided notice of delay of the
Launch, other than for Excusable Delays, for an aggregate period exceeding three hundred sixty-five
(365) days beyond the last day of a Launch Period (not including any coinciding or overlapping period
of delay attributable to ShuttleUp), ShuttleUp shall have the right to terminate in ShuttleUp’s
discretion the Launch Services and obtain a refund of 80% of the payments made under this
Agreement, such right to be elected by ShuttleUp in writing and within two months following the
conclusion of such three hundred sixty-five (365) day period. With respect to any Launch Service
terminated by ShuttleUp, ShuttleUp shall have no further obligation or liability to R2 Detour for such
Launch Service.
(c) Termination for Cause: In the event of a material breach by R2 Detour of its obligations under this
Agreement, and if after having been given written notice of the same by ShuttleUp, R2 Detour fails to
cure such material breach within two months of receipt of such notice, ShuttleUp shall have the right
to obtain a refund of any and all payments attributable under the terms of this Agreement to the Launch.
13.3 R2 Detour’s Right to Terminate.
Provided R2 Detour is not in default of a material provision of this Agreement, R2 Detour shall have
the right to terminate this Agreement and retain all payments made and all payments owed by
ShuttleUp hereunder as of the date of termination without further obligation or liability to ShuttleUp,
as follows:
(a) Termination for Cause: In the event of material breach by ShuttleUp of its obligations under this
Agreement (including any payment obligation hereunder), and if after having been given written notice
of the same by R2 Detour ShuttleUp fails to cure such material breach within: (i) one week of receipt
42
EXHIBIT C-1
of such notice in the event the material breach involves a payment obligation; or (ii) two months of
receipt of such notice in the event the material breach does not involve a payment obligation, provided
that other than as provided for in Clause 13.3(b) (Termination for Delay) ShuttleUp delays shall not
be deemed a material breach by ShuttleUp hereunder; or
(b) Termination for Delay: In the event ShuttleUp has delayed or provided notice of delay of either
Launch, other than for Excusable Delays, for an aggregate period exceeding three hundred sixty-five
(365) days beyond the last day of a Launch Period (not including any coinciding or overlapping period
of delay attributable to R2 Detour ), then R2 Detour shall have the right to terminate the applicable
Launch Service, such right to be elected by R2 Detour in writing and within two months following
the conclusion of such three hundred sixty-five (365) day period. With respect to any Launch Service
terminated by R2 Detour under this Clause 13.3(b), R2 Detour shall have no further obligation or
liability to ShuttleUp for such Launch Service.
14. LIMITATION OF LIABILITY
(a) In no event shall either ShuttleUp or R2 Detour be liable to the other Party for any indirect, special,
incidental, exemplary, punitive or consequential damages arising directly from its own actions or
inactions.
(b) In no event shall either ShuttleUp or R2 Detour be liable for a failure to perform any of its obligations
in the event of a force majeure event that makes it impossible for that Party to perform, namely, an
event that is not reasonably expected or foreseeable and beyond either Party’s control, including but
not limited to war, civil violence, riots, natural disasters, pandemics, strikes and acts of authority,
whether lawful or unlawful.
15. LICENSES
Each Party shall be responsible for obtaining any licenses, authorisations, clearances, approvals or
permits necessary to carry out its obligations under this Agreement. R2 Detour shall be responsible
for obtaining any Licenses required for the Launch of a Launch Vehicle and ShuttleUp shall be
responsible for obtaining any Licenses required to launch and operate each Satellite. R2 Detour and
ShuttleUp agree to provide information and execute any documentation needed to obtain such Licenses
pursuant to applicable laws and regulations. In the event that either Party is unable to obtain a requisite
License, then such Party’s inability to obtain a License shall be deemed to be a material breach of this
Agreement by such Party.
16. COMPLIANCE WITH GOVERNMENT REQUIREMENTS
R2 Detour and ShuttleUp shall comply with the applicable laws and regulations, and all Licenses
issued in connection with the performance of this Agreement. In addition, R2 Detour and ShuttleUp
shall comply with all laws, regulations, rules, licenses and agreements related to the Launch of the
Satellite. If applicable, ShuttleUp shall be responsible for registration of the Satellite and every
Satellite, and R2 Detour shall be responsible for registration of the Launch Vehicles, pursuant to the
Convention on Registration of Objects Launched Into Outer Space, done January 14, 1975.
17. FAILURE REVIEW
If any configuration of the launch vehicle, or its derivatives, experiences a Launch Failure, then R2
Detour shall only perform Launch Services under this Agreement once the most probable cause of the
failure has been identified and corrective actions have been implemented to the satisfaction of the
applicable failure review team convened by R2 Detour to evaluate the root cause of such failure. R2
Detour shall present to ShuttleUp the results of the final investigation by the failure review team
including probable cause of failure, corrective action and impact on the Launch Services subject to the
10
43
EXHIBIT C-1
confidentiality obligations under this Agreement and other reasonable measures to protect Proprietary
Information and applicable export control laws and regulations.
18. SEVERABILITY
If any portion of this Agreement is held invalid, the Parties agree that such invalidity shall not affect
the validity of the remaining portions of this Agreement, unless applying such remaining portions
would frustrate the purpose of this Agreement.
19. WAIVER
The failure of either Party to exercise any right granted in this Agreement or to require the performance
of any term of this Agreement (or the waiver by either Party of any breach of this Agreement) shall
not prevent a subsequent exercise or enforcement of, or be deemed a waiver of any subsequent breach
of, the same or any other term of this Agreement.
20. ASSIGNMENT
Subject to compliance with applicable law, either Party may assign, delegate or otherwise transfer this
Agreement, or any rights or obligations under this Agreement, to any successor by way of merger,
acquisition or sale of all or substantially all of the assets relating to the performance of this Agreement.
Any assignment, delegation, or transfer of this Agreement made in contravention of the terms hereof
shall be null and void.
21. SECURITY INTERESTS
ShuttleUp, upon prior written notice to R2 Detour, may grant security interests in its rights hereunder
to lenders that provide financing to ShuttleUp. In the event that either Party is sold to or merged into
another entity, its responsibilities under this Agreement shall not be altered and the successor
organization shall be liable for performance of such Party’s obligations under this Agreement. If
requested by ShuttleUp, R2 Detour shall provide its written consent to such assignment (including the
execution by R2 Detour of a direct agreement or consent and agreement in favour of the facility agent
or equivalent on behalf of ShuttleUp’s lenders and any Financing Entities, in a form reasonably
satisfactory to such agent and R2 Detour and customary for financings) on terms and conditions as
may be requested by ShuttleUp’s lenders, provided that R2 Detour ’s consent would not impair, create
a risk to, or otherwise prejudice its rights and benefits hereunder, increase its liabilities or obligations
hereunder unless otherwise specified in this Agreement.
22. LENDER REQUIREMENTS
The Parties recognise that certain of ShuttleUp’s payment obligations under this Agreement may be
financed through external sources. Notwithstanding anything to the contrary in this Agreement, and
except for the restrictions and conditions set forth in applicable laws, R2 Detour shall provide to any
of ShuttleUp’s lenders or Financing Entities any information that such Financing Entity reasonably
requires and shall reasonably cooperate with such Financing Entity and ShuttleUp to implement such
financing.
23. NOTICE
(a) All notices and other transmittals under this Agreement shall be in writing and shall be hand-delivered
or sent via express mail, first class mail, or electronic mail to the addresses specified below with written
or electronic confirmation of receipt, as applicable.
11
44
EXHIBIT C-1
(b) The date upon which any such communication is hand-delivered or, if such communication is sent by
mail or by electronic transmission, the date upon which the addressee receives it shall be the effective
date of such communication.
(c) Each Party shall promptly notify the other in the event of any change in its address or designated
contacts.
[CONTACT DETAILS DULY INCLUDED]
24. GOVERNING LAW
This Agreement and any non-contractual obligations arising out of or in connection with it are
governed by, and shall be construed in accordance with, English Law.
25. ARBITRATION
(a) Any dispute, controversy, difference or claim of any kind whatsoever arising out of or in connection
with this Agreement, including any question regarding its existence, construction, interpretation,
validity, breach or termination or the consequences of its nullity and any dispute relating to any non-
contractual obligations including any claims on the basis of tort or statute, between the Parties shall
be referred to and finally resolved by arbitration under the arbitration rules of the Singapore
International Arbitration Centre, which rules (as amended and restated from time to time) are deemed
to be incorporated by reference into this Clause.
(b) The language of the arbitration shall be English, and any award shall be written in the English
language. The seat, or legal place, of the arbitration shall be London, England. The arbitral tribunal
shall comprise three arbitrators, each of whom shall be directly appointed by the Singapore
International Arbitration Centre.
(c) Service of any request for arbitration made pursuant to this Clause shall be by post at the address given
for the sending of notices under this Agreement at Clause 23.
26. ENTIRE AGREEMENT AND ACKNOWLEDGEMENTS
(a) This Agreement supersedes all prior transactions and understandings, whether oral or written, with
respect to the subject matter hereof and constitutes the sole and entire agreement between the Parties
pertaining to the subject matter hereof.
(b) Each Party acknowledges that this Agreement has not been entered into in reliance on any
representation made by the other Party that is not otherwise included herein.
(c) For the avoidance of doubt, the Parties agree that there shall be no implied terms, whether as a result
of custom, usage or course of dealing, save where they are necessary on grounds of business efficacy.
27. VARIATION OR MODIFICATION
No variation, modification or amendment to, or addition, deletion or waiver of any of the terms or
conditions of this Agreement shall be binding on either Party unless agreed by both Parties and
evidenced by a written document signed by a duly authorised representative of each Party.
12
45
EXHIBIT C-1
28. INSURANCE SUPPORT

[REDACTED]
29. COUNTERPARTS
This Agreement may be executed in counterparts, each of which shall be deemed an original and all
of which together shall constitute one instrument. This Agreement may be executed by facsimile or
other equivalent electronic signature which signatures shall constitute original signatures.
30. FEES AND EXPENSES

The fees described in this Agreement represent the Parties’ current, reasonable and good faith
estimates of damages to be incurred as a result of delay or termination and do not serve as a penalty.
13
46
EXHIBIT C-1
IN WITNESS WHEREOF, the undersigned have executed this Agreement by their duly authorised
representatives, effective as of the Effective Date.
[SIGNATURES DULY RECEIVED; THE LAST DATE OF SIGNATURE IS 13 NOVEMBER 2014]
14
47
Exhibit C-2
Introducing Richard Ma, CEO of R2 Detour
Date: 13 October 2014

Time: 14:33
From: Ma, Richard
To: Patel, Jeevs
Cc: Vaidya, Tania
Attachment: R2 Detour Pitch.pptx
Dear Jeevs
As requested, please find attached some marketing materials regarding R2 Detour and our launch
service capabilities.
If you have any follow-up questions, please feel free to reach out to me. Also happy to meet in
London later this month if that works from your side.
With kind regards

Richard

Time: 13:30
From: Patel, Jeevs
To: Ma, Richard
Cc: Vaidya, Tania
Subject: Introducing Richard Ma, CEO of R2 Detour
Hi Richard
It’s a pleasure to meet you – I’ve read all about R2 Detour on the FT!
(Also, love the Star Wars reference – great film! 🙂)

To give you a bit of background, ShuttleUp is an Indian picosatellite manufacturer, whose current
ambition is to launch six picosatellites during November 2018. Following this, we intend to sell
wholesale broadband and satellite connectivity services to Internet Service Providers and mobile
network operators.
However, before all this, we are currently looking at what launch services providers are currently in the
market and their capabilities. Therefore, it would be great if you could provide any materials you may
have regarding R2 Detour and its experience in the sector.
Also happy to have a Face-2-Face at your convenience.
Kind regards
Jeevs
48
Exhibit C-2

Time: 13:05
From: Vaidya, Tania
To: Patel, Jeevs
Cc: Ma, Richard
Subject: Introducing Richard Ma, CEO of R2 Detour
Jeevs
Following my attendance at the IAC, I would like to introduce you to Richard Ma, CEO of R2 Detour, a
UK-based launch service provider dedicated for space start-ups.
After briefly speaking with Richard, I was impressed by R2 Detour’s capabilities and felt they could be
a natural fit for ShuttleUp’s future needs.
However, please feel free to reach out directly to him if you would like to find out more information.
Best regards
TV
Sent from iPhone
49
R2 Detour
13 October 2014
Private and Confidential – Marketing Material

Exhibit C-3
50
Disclaimer
About this Presentation
This presentation (this “Presentation”) relates to a proposed agreement between ShuttleUp and R2 Detour regarding the future provision of launch services.
Forward Looking Statements

Certain statements, estimates, targets and projections in this Presentation may be considered forward-looking statements. All forward-looking statements are
management’s present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from
those described in the forward-looking statements.
You are cautioned not to unduly rely upon such forward-looking statements, which speak only as of the date they were made and, in some case, may be uncertain in
nature.
R2 Detour is not under any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
Exhibit C-3
51
Space is the Place: The Business Case for R2 Detour
• Rising UK player in blossoming space industry

with a diverse customer base
• 10 successful launches, with high levels of

Diverse
reliability demonstrated customer
base:
“Let’s Do Commercial,
• a significant global network of existing contacts 250 by Civil and
that may be tapped on to assist picosatellites 2050” National
manufacturers and to coordinate the launch growth Security
initative
services for the picosatellites
• close relationship and ties to personnel in the

UK Space Agency and UK Government
• strong pipeline and growth strategy

Strong ties and excellent
relationship with UK
Space Agency and UK
Government
Exhibit C-3
52
Client and Market Testimonial about R2 Detour
“Successfully assisted
several clients with
the design and
“
have a series of
existing rockets that
are in a “ready-to-
manufacturing
launch” condition
”
process of their
picosatellites
”
“Concluded 10
successful launches “
Well-known in the market as “
Frontrunners and pioneers
in the field
”
an approachable and
for picosatellites and
passionate team that is at
are well placed to
the same time highly
cater to any clients
experienced
requirements
Exhibit C-3
53
Sky’s the Limit: R2 Detour and ShuttleUp
• Based on our experience, we can easily cater for ShuttleUp’s

proposed requirements
• However, in our view, ShuttleUp’s plan to launch in late 2018 is too

ambitious, especially for an inexperienced start-up embarking on
its first design and manufacturing process
• Therefore, as an alternative proposal, we suggest a scheduled

launch around 5 December 2021, when we will be able to
accommodate the payload of ShuttleUp’s satellites
Exhibit C-3
54
Questions?
Exhibit C-3
55
Exhibit C-4
Re: Agreement Deadline
Date: 4 November 2014

Time: 13:51
From: Ma, Richard
To: Patel, Jeevs
Cc: McLoughlin, Hamish; Munir, Amjad; Vaidya, Tania; Legal_MorbusCapital
Attachment: Launch Services Agreement.docx
Hi Jeevs,
Thank you for your swift response. I have attached the launch services agreement for your team to
review.
I will be in London this week, so let’s catch-up to discuss further.
Thanks,
Richard

Time: 12:09
From: Patel, Jeevs
To: McLoughlin, Hamish; Ma, Richard
Cc: Vaidya, Tania; Munir, Amjad; Legal_MorbusCapital
Subject: Re: Agreement Deadline
Hi Hamish, Richard
I hope this email finds you well.
After discussing with lawyers, I am broadly happy with the proposed heads of terms.
Therefore, happy to review a final version of the contract in order to expedite the process.
Feel free to send it through when you get the chance.
Thanks,
Jeevs
Sent from iPhone
56
Exhibit C-4

Time: 11:43
From: McLoughlin, Hamish
To: Patel, Jeevs
Cc: Ma, Richard; Vaidya, Tania; Legal_MorbusCapital
Subject: Agreement Deadline
Hi Jeevs,
Following our initial conversation this morning, we felt it was important to lay out the deadline for
reaching an agreement regarding the attached heads of terms.
By way of context, R2 Detour currently has another project with a different picosatellite manufacturer
and are only able to commit to one project. As a result, there is a strict two-week deadline on reaching
an agreement on legal T&Cs.
If this agreement is reached within two weeks, we will prioritise and accept your project.
Hope to speak soon.
With kind regards,
Hamish
Head of Legal
R2 Detour
57
Exhibit C-5
RE: Execution of LSA
Date: 20 December 2014

Time: 09:30
From: Patel, Jeevs
To: Ma, Richard
Cc: Munir, Amjad
Dear Richard:
As a follow-up to Julius’ email, I wish to reiterate our dissatisfaction with the prior execution of the LSA.
Surely, you must concede Hamish’s approach to this negotiation was heavy-handed and put Dr Goh
under considerable pressure in my absence. Furthermore, it seems quite foolhardy considering Dr
Goh is only a part-time director.
Therefore, we strongly believe the contract was not validly executed and reserve all rights of
ShuttleUp to contest the validity of the contract in the future.
With kind regards,

Jeevs

Time: 12:11
From: Goh, Julius
To: Patel, Jeevs
Subject: FW: Contract Execution
FYI

Time: 23:59
From: Goh, Julius
To: McLoughlin, Hamish
Cc: Munir, Amjad; Vaidya, Tania; Legal_MorbusCapital
Subject: Contract Execution
Attachment: Launch Services Agreement – Execution Version (13.11.14)
Hamish:
As requested, please find attached an executed version of the Launch Services Agreement.
However, for the record, I wish to express my reservations about how this negotiation and execution
process was carried out by your team.
As you well know, I am only a part-time director of ShuttleUp and naturally do not feel entirely
comfortable executing contracts on behalf of Jeevs and Yulek.
Therefore, today’s threat to ‘pull the plug’ was not welcomed in light of the current circumstances and
leaves a rather sour taste to what otherwise would be a momentous occasion for ShuttleUp.
Rest assured I have also informed Richard of this fact.
Regards,
Dr Julius Goh
58
Exhibit C-5

Time: 23:54
To: Munir, Amjad
Cc: All_Staff_ShuttleUp; Ma, Richard; Vaidya, Tania; Legal_MorbusCapital; Goh, Julius
Subject: Urgent: Execution
Dear Amjad,
Whilst this is very short notice, we are comfortable with Dr Goh executing this agreement (provided he
adheres with the formalities of the UK Companies Act).
Yours Sincerely,
Hamish
Head of Legal
R2 Detour

Time: 23:50
From: Munir, Amjad
Cc: All_Staff_ShuttleUp; Ma, Richard; Vaidya, Tania; Legal_MorbusCapital Goh, Julius
Dear Hamish
With apologies for the late notice, but we are writing to you to request an extension to the deadline
due to our inability to contact Jeevs or Yulek for execution purposes.
Alternatively, Dr Goh (in cc) has agreed to execute the agreement if this is acceptable from your perspective.
With kind regards
Amjad
Partner
Munir & Gupta LLP

Time: 12:00
To: All_Staff_ShuttleUp; Munir, Amjad
Dear Shuttle Up team,

It has come to our attention that Jeevs has fallen ill and is currently in the ICU in Delhi. However, as
today is the final day, we require execution of our agreement. If this execution is not delivered today,
we will unfortunately be unable to provide the proposed launch services.
Yours Sincerely,
Hamish
Head of Legal
R2 Detour
59
Exhibit C-6
Good News! 🚀
Time: 15:22
From: Patel, Jeevs
To: All_Staff_ShuttleUp
Cc: Vaidya, Tania
Dear all
After a few sleepless nights and tough discussions with the regulators, I am pleased to announce that
we have executed the credit agreement (USD400m) with Morbus Capital.
As you are well aware, this 10-year funding arrangement is critical to achieving our vision of creating a
state-of-the-art six-picosatellite constellation.
To celebrate this, I have arranged for a small drinks reception on the eighth floor. Please join if you
can.
With best regards

Jeevs
60
Exhibit C-7
Satellites

Time: 22:12
From: Patel, Jeevs
To: Ma, Richard
Call me now please.

Time: 22:10
From: Ma, Richard
To: Patel, Jeevs
Subject: Re: Satellites
Hi Jeevs,
After further discussions with my technical team, it appears that ShuttleUp’s satellites are indeed
incompatible with our internal systems.
This must have been an oversight during the intense negotiation period…
We should schedule a call to discuss next steps.
Thanks,
Richard

Time: 18:18
From: Patel, Jeevs
To: Ma, Richard
Subject: Satellites
Dear Richard
I got quite an alarming call from your technical team this evening regarding our satellites being
incompatible with your systems.
Surely this issue should have been spotted when they received the design plans in 2014?
Please contact me as soon as you can.

Jeevs
61
Exhibit C-8
RE: RFP - Design and manufacturing of Picosattelites
Date: 16 January 2015

Time: 10:12
From: Rebane, Alek
To: Patel, Jeevs
Cc: Ma, Richard
Attachment: Engagement Letter.AR
Jeevs,
Please find attached my standard engagement letter.
Kind regards
Alek

Time: 08:30
From: Patel, Jeevs
To: Rebane, Alek
Cc: Ma, Richard
Subject: RE: RFP - Design and manufacturing of Picosattelites
Dear Alek,
Well noted, at this stage happy for any advice I can get on this to get the project moving.
Therefore, please send through an engagement letter for the hourly figure.
Kind regards,
Jeevs

Time: 08:12
From: Rebane, Alek
To: Patel, Jeevs
Cc: Ma, Richard
Subject: RE: RFP - Design and manufacturing of Picosattelites
Dear Jeevs,
Nice to meet you.
Admittedly I am not an expert in the space industry, but have over 30 years engineering experience (primarily in
oil and gas).
However, if helpful, I would be happy to provide some initial comments on your design plans.
My hourly fee is 850 GBP or alternatively you can pay an upfront retainer fee of GBP 2m.
Happy to discuss further.
Kind regards,
Alek
62
Exhibit C-8

Time: 08:01
From: Patel, Jeevs
To: Rebane, Alek
Cc: Ma, Richard
Subject: RFP - Design and manufacturing of Picosattelites
Dear Alek,
As a brief introduction, my name is Jeevs Patel, CEO of ShuttleUp.
Richard recommended that you may be a good person to contact regarding some preliminary engineering advice on
the manufacturing of some start-of-the-art picosatellites. Therefore, I would be grateful if you could provide a quote
for your services and a brief overview of your experience.
Kind regards,
Jeevs

Time: 14:01
From: Ma, Richard
To: Patel, Jeevs
Subject: Design and manufacturing contacts
Dear Jeevs
Indeed, that would make for a very happy year.
Unfortunately R2 Detour have never managed the design and manufacturing process, but we have provided high-
level input in the past.
That being said, I do have connections with world-class third-parties, such as Alek Rebane (Koliribi Engineering
(Singapore)), which should be able to provide the necessary expertise.
Please feel free to reach out to him using his email (A.Rebane@KESL.com).
However, for the avoidance of doubt, please note that any fees incurred by ShuttleUp will not be covered under the
LSA.
Kind regards
Richard

Time: 12:01
From: Patel, Jeevs
To: Ma, Richard
Subject: Design and manufacturing contacts
Dear Richard
Happy New Year! - let's hope it is a money-filled one for both of us!
As you know we are currently designing and manufacturing the picosatellites prior to their scheduled launch.
Therefore, I would really appreciate:
(a) any war stories you may have about the management of these processes from a costs/operational perspective;
and/or
(b) a shortlist of external UK/US contacts or companies you could recommend based on your prior launches.
Please contact me as soon as you can as we are trying to draw up a shortlist over the coming weeks.
Best
Jeevs 63
Exhibit C-9
RE: Picosat contacts

Date: 13 August 2017
Time: 09:01
From: Patel, Jeevs
To: Suerella, Sanjid
Cc: Ma, Richard
Hi Sanjid - give me a call, very interested to see how you could assist us.
Jeevs
Sent from iPhone

Time: 17:30
From: Suerella, Sanjid
To: Patel, Jeevs
Cc: Ma, Richard
Subject: RE: Picosat contacts
Dear Jeevs
It is a pleasure to meet you - Richard has told me a lot about your company so would love to get involved.
By way of background, Suerella Architects is an Indian based company which primarily specialises in the design of smart
cities. However, we also have some experience in designing telecom satellites, but not of the 'Cubesat' variety.
Finally, as part our growth strategy, we intend to launch a London office in the coming months to support our client portfolio
within the UK (no pun intended).
If interested, happy to discuss our consultancy fees further on a call.
Kind regards
Sanjid

Time: 15:52
From: Ma, Richard
To: Patel, Jeevs
Cc: Suerella, Sanjid
Subject: RE: Picosat contacts
Hi Jeevs
Lucky you caught me before I had too many Tequilas!
Copying in Sanjid from Suerella Architects, who should be a good fit for the project. I've also already briefed him about your
requirements, so he will reach out you directly.
I'm going back to my sun-lounger, but please just give me a call if any urgent arises.
RM

Time: 14:22
From: Patel, Jeevs
To: Ma, Richard
Subject: Picosat contacts
Dear Richard,
Sorry to disturb your holiday in sunny Cancún.
Unfortunately I'm getting increasingly frustrated by Kolribi's poor performance, so was wondering if you had any other contacts
to help advise regarding the design and manufacturing of the picosattelites.
Unlike your previous recommendations, I really need someone who is UK/US based so that we can easily have in-person meetings
etc. They should also preferably not be a dinosaur like Alek and actually understand the space industry.
Best,
Jeevs
64
Exhibit C-10
RICHARD - URGENT: Costs Overrun (ShuttleUp)
Date: 20 February 2021

Time: 10:11
From: Finance_R2Detour
To: Ma, Richard
Dear Richard
As requested, please find below an overview of the financial costs arising from the LSA with ShutteUp.
Unfortunately, it doesn't really take an expert to conclude that we are hemorrhaging cash and have went
considerably over the forecasted budget. This is particularly in light of the alteration work, which has been
exacerbated by COVID-19, rising raw material costs and labour staff shortages.
To be specific, despite the initial payment of GBP40m, we are currently in the in the red approx. GBP20m
(and rising).
Therefore, it may be worth having a chat with Jeevs to see if you can come to an amicable solution.
Otherwise, we may need to think about other financing options to help bring some stability to cash flow
position.
With best regards

Denise
Finance Analyst
R2 Detour
65
Exhibit C-11
Update
Date: 5 July 2021

Time: 14:39
From: Patel, Jeevs
To: Ma, Richard
Cc: Vaidya, Tania
Dear Richard,
I am reaching out to reiterate my dissatisfaction about R2 Detour’s capabilities since signing the LSA
back in November 2014.
This includes the many misrepresentations that have been made to me before and since the time the
LSA was executed. These false statements (e.g. having access to a wide network of contacts) induced
me to enter into the LSA. Now I have seen your true colours: contrary to its claims, it is clear R2 Detour
is clearly incapable of handling ShuttleUp’s upcoming launch with the required skill or diligence.
Therefore, until significant changes occur, we refuse to pay the second half of the deposit due under
Clause 4 of the LSA. We also reserve all our rights with respect to challenging the validity of the LSA itself.
Kind regards,
Jeevs
66
Exhibit C-12
RE: Urgent: Payment

To: Hawker, Annabelle
Cc: Ma, Richard; All_Staff_ShuttleUp
Dear Annabelle,
In light of your persistent non-payments in breach of the LSA, and with regret, R2 Detour hereby
refuses to launch ShuttleUp’s picosatellites. We also reserve all our rights with respect to your
allegations regarding potential misrepresentations made by R2 Detour and the validity of the LSA.
Kind regards,
Hamish
Head of Legal
R2 Detour
Date: 8 August 2021

From: Hawker, Annabelle
Cc: Ma, Richard; All_Staff_ShuttleUp
Subject: RE: Urgent: Payment
Dear Hamish
Due to previously expressed concerns regarding R2 Detour’s performance under the LSA, we believe
we are entitled to withhold payment of the consideration required.
We also reserve all rights with respect to challenging the validity of the LSA and the connected
misrepresentations made by R2 Detour throughout this contract’s lifecycle, and put you on notice
that under the LSA we are entitled to claim against you for losses we suffered as a result of your
misrepresentations and misconduct.
With kind regards

Annabelle
Counsel
ShuttleUp
Date: 8 August 2021

Time: 12:42
To: All_Staff_ShuttleUp
Cc: Ma, Richard
Subject: Urgent: Payment
Dear all,
ShuttleUp has failed to pay the consideration under the LSA within a reasonable time. Thus, we
now require immediate payment of the full GBP 88,300,000.
Yours Sincerely,
Hamish
Head of Legal
R2 Detour
67
Exhibit C-13
Re: Catch-Up

Time: 19:12
From: Ma, Richard
To: Patel, Jeevs
Cc: Hawker, Annabelle; McLoughlin, Hamish
Hi Jeevs
Friday at 2pm works for me too.

Hamish and Annabelle should also attend this meeting (in case we come to an amicable resolution).
Kind regards
Richard

Time: 17:14
From: Patel, Jeevs
To: Ma, Richard
Subject: Re: Catch-Up
Hi Richard,
Good to hear from you. Hope you and the family had a restful Christmas and New Year. I am open to
begin negotiations as we have come so far and invested so much time and resources into this project.
I am free this Friday for a meeting at 14:00. Let me know your availability.
Thanks,
Jeevs

Time: 11:27
From: Ma, Richard
To: Patel, Jeevs
Subject: Re: Catch-Up
Hi Jeevs,
On reflection, we both said some harsh “home-truths” during December. I was fed-up with you using
my company as a scapegoat for your own failures.
In the spirit of the New Year, I wish to take this opportunity to suggest we commence negotiations in
hope of finding an amicable resolution to this issue.
Speak soon,
Richard
68
Exhibit C-14
WWW.THEFINANCIALSLEUTH.COM 15 February 2022
THE FINANCIAL SLEUTH
SHUTTLEUP’S LUCK IS UP!

ShuttleUp, the once budding unicorn We approached Jeevs Patel, CEO of
of Indian satellite operations, has lost ShuttleUp, for his comments on these
its horn today following months of reports. Mr Patel admitted, “whilst “whilst the company is
speculation regarding its deteriorating the company is going through some
financial condition. issues at present, I remain hopeful going through some
A source familiar with the matter
that we can deliver on our ambitions issues at present, I
noted that, despite receiving over
to provide affordable wholesale
broadband and satellite connectivity
remain hopeful that we
USD400m from Morbus Capital
services to benefit the masses”. can deliver on our
through a 10-year loan, it has rapidly
burnt through this cash due to delays However, some doubt still remains ambitions to provide
and failures during the design and regarding how long Morbus Capital affordable wholesale
manufacturing stage of six ‘state-of- will remain patient with its long-
the-art’ picosatellites. standing affiliation with ShuttleUp.
broadband and
Another source alleged that financial
In this respect, perhaps Mr Patel satellite connectivity
pressure has been building for some
should recall that a lender such as Dr services to benefit the
Tania Vaidya always ensures she gets
time due to the extortionate rent paid
her pound of flesh. masses”
on ShuttleUp’s Delhi premises and the
excessive remuneration provided to
ShuttleUp’s key directors.
69
Exhibit C-15
SHUTTLEUP
EXECS 🚀🚀🚀
Participants: Jeevs Patel; Yulek Korzenski; Julius Goh; Tania Vaidya
Jeevs (11:34)
Hey
Jeevs (11:35)
Re: LSA – all looks in order?
Yulek (13:47)
@Tania – any input???
Tania (16:55)
Hey both, sorry for the delay.
Tania (16:57)
Yes, quick read only but all looks good – not long now!
70
Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. Allen & Overy LLP is a limited liability partnership registered in England and Wales with registered number OC306763. Allen & Overy
(Holdings) Limited is a limited company registered in England and Wales with registered number 07462870. Allen & Overy LLP and Allen & Overy (Holdings) Limited are authorised and regulated by the Solicitors
Regulation Authority of England and Wales. The term partner is used to refer to a member of Allen & Overy LLP or a director of Allen & Overy (Holdings) Limited or, in either case, an employee or consultant with
equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings. A list of the members of Allen & Overy LLP and of the non-members who are
designated as partners, and a list of the directors of Allen & Overy (Holdings) Limited, is open to inspection at our registered office at One Bishops Square, London E1 6AD.
© Allen & Overy LLP 2022. This document is for general information purposes only and is not intended to provide legal or other professional advice.
71
Exhibit R-1
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
Central Registration Centre
Certificate of Incorporation
I hereby certify that SHUTTLEUP is incorporated on this Twenty-Second day of June Two
Thousand Twelve under the Companies Act, 1956 and that the company is limited by shares.
The Corporate Identity Number of the company is

L56732DL2012PTC774376
Given under my hand at Delhi this Twenty-Second day of June Two Thousand Twelve.
Suresh Tijbel
Assistant Registrar of Companies
Delhi
72
Exhibit R-2
RE: Agreement Deadline

Time: 23:15
From: Ma, Richard
To: Patel, Jeevs
Cc: Vaidya, Tania; Legal_MorbusCapital
Hi Jeevs
Apologies for the direct nature of Hamish’s email.
In short, we are slammed currently, but happy to prioritise ShuttleUp’s project if we can strike a
deal within two weeks.
Also happy to pay for any coffee that may be required to get us over the line.
Best
Richard

Time: 11:43
To: Patel, Jeevs
Subject: RE: Agreement Deadline
Hi Jeevs,
Following our initial conversation this morning, we felt it was important to lay out the deadline for
reaching an agreement regarding the attached heads of terms.
By way of context, R2 Detour currently has another project with a different picosatellite manufacturer
and are only able to commit to one project. As a result, there is a strict two-week deadline on
reaching an agreement on legal T&Cs.
If this agreement is reached within two weeks, we will prioritise and accept your project.
Hope to speak soon.
With kind regards,

Hamish
Head of Legal
R2 Detour
73
Exhibit R-3
DCB DCB Bank New Delhi
Payment Details – Your payment has been successful!
From
Account Name: ShuttleUp Limited
Account Number: [REDACTED]
To
Account Name: R2 Detour Limited
Account Number: [REDACTED]
Reference: LSA – Down Payment
Amount: GBP 40,000,000

74
Exhibit R-4
SHUTTLEUP TO
THE MOON! 🚀🚀🚀
Date: 11 June 2014
Jeevs (09:01)
Hey Tania, hope you are well. Do you have five minutes so I can pick your brains
about something?
Tania (09:04)
Sure, always happy to help 🙂
Jeevs (09:08)
Long story short, we’re making good progress on design of picosats … wondering
if you had any contacts in the launch services space. We need to start putting a
shortlist together soon!
Tania (09:11)
Not off the top of my head, but I’ll get back shortly
Tania (09:12)
Currently dealing with my son who has a stomach bug!
Jeevs (09:22)
No problem at all Tania, kids eh? 😜
Tania (09:25)
Tell me about it, speak shortly 🙂
75
Exhibit R-5
SHUTTLEUP
EXECS 🚀🚀🚀
Participants: Jeevs Patel; Yulek Korzenski; Julius Goh; Tania Vaidya
Yulek (15:47)
Not sure if you guys have seen this on the Space News UK …
Yulek (15:48)
SPACE UK NEWS
DISASTER FOR R2 DETOUR
17 December 2014
Despite its bullish marketing campaign, R2 Detour has today faced a major delay
to its highly anticipated 10th launch. This delay comes at a critical juncture for the
company, which following a difficult couple of years, has benefited significantly
from the recent buzz concerning its collaboration with ShuttleUp and other
prominent start-ups within the space industry.
Two sources familiar with the matter have stated that the delays are due to
“regulatory issues and concerns” arising from R2 Detour’s current operations and
prior launches. It is also alleged that R2 Detour have been advised by the UK Space
Agency to resolve these issues urgently before commencing any future launches to
avoid regulatory enforcement and the revocation of its operator’s licence.
R2 Detour has yet to provide any comment to Space UK regarding these allegations.
Jeevs (16:10)
You have got to be joking!!!
Jeevs (16:15)
I’ll get the marketing team to prepare a brief statement. Will also be giving Richard
a piece of my mind.
Jeevs (16:22)
@Tania – did you know about this?
Tania (16:30)
No, Jeevs – it’s frankly shocking.
76
Exhibit R-6
Call me Inspector Clouseau ;)

Time: 12:00
From: Korzenski, Yulek
To: Patel, Jeevs; Goh, Julius
Attachments: R2 Detour’s Decline.PDF; R2 Detour_Twitterthread.PDF
Hi both
In light of the Space News UK story in December, I did a bit more digging over the holiday on
our friends at R2 Detour.
Unfortunately, it appears they do have a complicated relationship with the truth…
Suggest we discuss this further before confronting Mr Ma.
Best
Yulek
77
Exhibit R-7
WWW.SPACEUKNEWS.COM 4 JANUARY 2015
SPACE UK NEWS
HOUSTON
WE HAVE A
PROBLEM! –
R2 DETOUR
IN FREEFALL
A recent consumer poll has confirmed The “complacency” within R2 timely launch services”, they no
that R2 Detour is no longer the darling Detour is arguably not a new longer approach them as part of
of the UK space industry. phenomenon. Indeed, following the their tendering processes.
failure of a launch back in 2012, R2
Instead, Blast-Off, another It seems that R2 Detour must work
Detour also faced significant media
launch service provider, has taken immediately on restore confidence
and client backlash, which they
the top spot achieving a 90% and trust amongst other market
described at the time as “teething
customer satisfaction score for players, as it is only a matter of time
problems”. However, in December
2014, compared to the 66% score before irreparable damage is done.
2014, they faced the exact same
achieved by R2 Detour. R2 Detour’s
problems with Pictoverse, an
score in the previous consumer
emerging UK player in the
poll was 75%.
augmented reality space.
Albert Simmons, Blast-Off CEO
and former R2 Detour COO, noted
In light of this, other former clients “inability to
of R2 Detour have been vocal about
that his company’s performance
“was not surprising due to hard
R2 Detour’s prior performance. For provide timely
example, Wired-Up, a UK telecoms
work his team put in over the last
year compared to the complacency
player commented on a recent launch services”
Investor Relations call that due to
present amongst other market
R2 Detour’s “inability to provide
incumbents.”
78
Exhibit R-8
Hans Yolembecker | CEO OF PICTOVERSE

@HANSYOLO
BEWARE R2 DETOUR IS FAKE NEWS!

Never felt so stupid and angry in my entire life…
6:12 PM . December 17, 2014 .Twitter for iPhone
25 Retweets 12 Quote Tweets 700 Likes
Stanley Honnecker @stanhonn29 – 1hr
Been there, done that, got the t-shirt Hans.
In 2012 we experienced set-backs with them. Never trust a

fancy PowerPoint presentation and marketing spiel!
Still useful for lighting the fire with…
500 Likes
Space Mogul @spacemogul133 – 2hr
100% agreed - bigger bunch of Frauds than ENRON!
Where are the Regulators?

88 Likes
Space News UK @SPACENEWSUK – 2hr
Hi Hans, we have been looking into R2 Detour since

2012. Please reach out to us directly as we would love to
hear your story.
13 Likes
79
Exhibit R-9
Urgent: Contacts

Time: 14:32
From: Patel, Jeevs
To: Ma, Richard
Cc: Vaidya, Tania
Richard:
I do not appreciate being ignored either…
You have not fulfilled your end of the bargain. All of those contacts were a waste of time and
resources. You clearly deceived us when you said you had wide expertise and a considerable
network. Those were the reasons why we agreed to the contract. I regret to say that I must
reserve all rights to contest the validity of our deal!
Jeevs
Sent from IPhone

Time: 14:32
From: Patel, Jeevs
To: Ma, Richard
Cc: Vaidya, Tania
Subject: Urgent: Contacts
Richard
As you may recall, I sought your help on multiple occasions during 2015-2017 regarding potential
contacts to assist with the design and manufacturing of the picosatellites (due to R2 Detour’s inability to
provide this expertise, which was somehow “outside your remit”).
In light of the delays and additional costs incurred by ShuttleUp, I wish to take this opportunity to
express my extreme dissatisfaction with the wild goose chase you sent me on. This broadly falls under
three main areas, namely:
1. the companies were not UK or US based (as I specifically requested);
2. the companies clearly did not have sufficient expertise of picosatellites or the space industry; and
3. the companies frequently requested consultancy fees for their advice, which we did not budget for
and now totals approx. GBP 7m.
I also note you failed to tell me that Heather Sharpestone has retired from her role as the Deputy Chief
Executive at the UK Space Agency during 2016, which could explain why I received no response from
her on this topic.
Please can we discuss this ASAP so that we can try to resolve this matter before Christmas?
With kind regards

Jeevs
80
Exhibit R-10
Re: CubeSat Specs

Time: 23:44
From: Ma, Richard
To: Patel, Jeevs
Hi Jeevs,
Thanks very much.
I'll pass this info onto my technical team, but from an initial layman's review there does not
appear to be any clear red flags with respect to compatibility etc.
Speak to you tomorrow regarding the LSA, but in the meantime please try to get some rest.
RM
Sent from iPhone

Time: 23:22
From: Patel, Jeevs
To: Ma, Richard
Subject: CubeSat Specs
Attachment: CubeSat Design Plans and Specifications (Version 1).pdf
Hi Richard
Appreciate we both have a lot of juggling balls atm, but please find attached the basic
specifications and design plans for the CubeSats.
Please note the diagram on pg. 3 is a very preliminary whiteboard sketch, but captures the key
requirements of the CubeSat, namely:
• Small (i.e. 10x10cm).
• Light (1-2kg).
• Centre of gravity shall be located within 1-2cm from its geometric centre.
• Made from high-quality anodized aluminum.
• Fully compliant with the latest environmental, regulatory and safety and standards.
• Co-ordinated and aligned with R2 Detour’s operating systems.
Please let me know if any of this of concern so we can amend accordingly before we involve the
engineers etc.
Best
Jeevs
81
Exhibit R-11
Cashflow - Some initial thoughts

Time: 10:32
From: Korzenski, Yulek
To: Patel, Jeevs; Goh, Julius
Hi both
Despite it being Valentines Day, I got quite an unloving call from our Head of Finance today,
who says we have nearly burnt through all our funding from Morbus Capital.
Frankly, we know a large part of this is due to R2 Detour's incompetence resulting in a huge
amount of wasted costs during the design and manufacturing phase.
However, irrespective of this, our cashflow profile is obviously a problem due to our limited
revenue generation and on-going liabilities (e.g. office rent, salaries etc). The other elephant in
the room is the eventual repayment of the USD400m to Morbus, which is not looking
promising at present.
Therefore in terms of next steps, I propose:
(1) continuing negotiations with Mr Ma & Co. to see if we can find a mutually beneficial
solution which recoups some or all of our costs.
(2) approaching Tania to see if we can renegotiate our repayment terms under the Credit
Agreement.
(3) obtaining additional funding, which is highly unlikely based on the above.
(4) conducting some pretty deep and meaningful cuts in order to make our business more agile
and efficient.
I'll be in the office shortly too, so let's have a brainstorm on the whiteboard.
Kind regards
Yulek
82
Exhibit RL-1
Companies Act 2013 (India), s 188
83
Exhibit RL-2
Arbitration Act 1996, s 46
84
Exhibit RL-3
Companies Act 2013 (India), s 21
85
Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. Allen & Overy LLP is a limited liability partnership registered in England and Wales with registered number OC306763. Allen & Overy
(Holdings) Limited is a limited company registered in England and Wales with registered number 07462870. Allen & Overy LLP and Allen & Overy (Holdings) Limited are authorised and regulated by the Solicitors
Regulation Authority of England and Wales. The term partner is used to refer to a member of Allen & Overy LLP or a director of Allen & Overy (Holdings) Limited or, in either case, an employee or consultant with
equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings. A list of the members of Allen & Overy LLP and of the non-members who are
designated as partners, and a list of the directors of Allen & Overy (Holdings) Limited, is open to inspection at our registered office at One Bishops Square, London E1 6AD.
© Allen & Overy LLP 2022. This document is for general information purposes only and is not intended to provide legal or other professional advice.
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Case Record - 8th Justice R.K. Tankha Memorial International Arbitration Moot, 2023

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8

NLIU - JUSTICE R.K. TANKHA

II. NOTICE OF ARBITRATION……………………………………………………….….…7

III. RESPONSE TO NOTICE OF ARBITRATION……………………………………..….17

IV. FIRST WITNESS STATEMENT OF TANIA VAIDYA………………………………..25

V. PROCEDURAL ORDER NO. 1………………………………………………………….29

VI. CLAIMANT’S EXHIBITS………………………………………………………………..34

VII. RESPONDENT’S EXHIBITS…………………………………………………………….72

10. Annabelle Hawker

UNDER THE RULES OF THE

SINGAPORE INTERNATIONAL ARBITRATION CENTRE

Address: R2 Detour Limited

18A St Paul’s Avenue, London N1 8QA

Address: Reynard & de Vere LLP

73 Chitty St, Fitzrovia, London, W1T 7DD

Attention: Jean-Baptiste de Vere

Address: ShuttleUp Limited

Attention: Jeevs Patel

Address: Morbus Capital LLP

31, Globe Offices, 19 High Timber Street, London EC4Z 8IL

Attention: Dr Tania Vaidya

Address: Kumar Shetty Rawal LLP

Attention: Eenakshi Gupta

2. The Arbitration Agreement

“(a) Any dispute, controversy, difference or claim of any kind whatsoever

(b) the arbitration will be conducted in English; and

(c) the seat of arbitration will be London.

13. Clause 24 of the Launch Services Agreement provides:

"This Agreement and any non-contractual obligations arising out of or in

28. The Claimant respectfully requests the Tribunal to:

Reynard & de Vere LLP

UNDER THE RULES OF THE

SINGAPORE INTERNATIONAL ARBITRATION CENTRE

RESPONSE TO NOTICE OF ARBITRATION

4. R2 Detour’s descriptions in Section II (Procedural Matters) of the Notice of Arbitration are

1.1 The Launch Services Agreement was not validly executed

1.2 Morbus Capital is not a party to the arbitration agreement

21. Therefore, the Tribunal has no jurisdiction over this dispute.

2. ShuttleUp was induced by R2 Detour’s misrepresentations

(a) R2 Detour claimed that it is highly experienced, having conducted 10 successful

(a) On 17 December 2014, Ms Korzenski circulated a Space UK news article to Mr Patel,

29. The Respondents respectfully request the Tribunal to:

30. In addition, the Respondents respectfully request the Tribunal to:

Kumar Shetty Rawal LLP

FIRST WITNESS STATEMENT OF TANIA VAIDYA

II. Relationship with Jeevs Patel

III. The meeting with Richard Ma

8. Following ShuttleUp’s rapid picosatellite constellation development, Mr Patel asked me

IV. Morbus Capital and ShuttleUp

Date: 14 March 2022

SIAC CASE NO. 12548

MORBUS CAPITAL LLP

PROCEDURAL ORDER NO. 1

1. Procedural rules ................................................................................................................ 31

II. The Parties

5. The Claimant is R2 Detour Limited (R2 Detour).

III. The Tribunal

8. All correspondence, statements or other communications by a Party to the Tribunal, shall be

11. The procedural timetable (the Procedural Timetable) shall be as follows:

# Date Party Procedural Step

VI. Written statements and authorities

VIII. Issues to be determined

(a) Whether the Tribunal has jurisdiction to decide this dispute: