The Devas-Antrix saga denotes the ongoing dispute between a private Indian company and its Mauritian shareholders, and the Government of India. Persisting since 2011, it has already resulted in an ICC commercial arbitration award seated in New Delhi, a PCA-investment treaty award at The Hague, an ongoing PCA-administered second investment treaty arbitration, and a flurry of annulment and enforcement proceedings across the globe. In 2022, the Delhi High Court annulled the ICC award, which was confirmed by an appellate bench in March 2023. While this annulment is under attack in the second investment treaty proceeding, the ICC award is now considered by many to be a dead-letter that no longer threatens the Government of India. However, this article paints a more nuanced picture. It maps the jurisprudential twists and turns relating to the enforceability of annulled awards in other jurisdictions and studies its implications for the Devas-Antrix saga.