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Ever since humans climbed down from the trees, they have looked up to the stars and the desire of exploration of the heavens above us only ever increased with the advancements in the field of science's. Launch of Artificial Satellite by the name of Sputnik by the USSR in 1957 ignited a space race between two rival superpowers i.e., USSR and United States. This Space war led to many astonishing inventions and innovations which helped the humanity to put a man on the moon and gave a dream to look further and achieve the sky itself. In modern times, with further more advancements in the technological aspects of means on space travel, such as SpaceX building Starship to travel to mars and Japanese Space Agency extracting a sample from Asteroid, there is nothing which can stop humanity from touching the stars. The question however in front of us is that when humanity do touch the stars (metaphor for celestial bodies) will it have the rights over it? Will we give them rights of ownership just because they have possession over it? The question is somewhat more complicated than it seems as the countries or companies who are reaching the skies, are investing huge amount of resources to achieve a certain mission but if they don't have any right over the celestial body, how will they carry on with their mission? This research paper deals with the concept of property rights in space whether a country or company can own a part of it? Along with the legality of property rights in space, this paper also focuses on ethical conundrum that whether a country or company deserves to get rights in space and consequences of same. This paper further focuses on India's proposed Legislation "Space Activities Bill" and how will it help the private activities in the space. [ABSTRACT FROM AUTHOR]

The article presents information about the treaty on Principles Governing the Activities of States in the Exploration and Use of Outer Space. The ratification of this treaty was accepted by most members of the United Nations. U.S. President Lyndon B. Johnson has quoted that the treaty is the most important arms control agreement since the nuclear test ban of 1963. Military, technological, political and economic factors have made both superpowers, U.S. and Soviet Union, interested in this treaty. It solved the mutual suspicions that arms control in space is a product of imagination.

Demonstrates how international law and space law operated when Soviet Union's nuclear-powered ocean surveillance spacecraft Cosmos 954 fell on Canadian soil in January 24, 1978. Search and recovery effort mounted by the United States and Canada; Recovery of radioactive fragments; Legal bases of the Canadian claim against the Soviet Union; Actions within the United Nations; Cooperation among the U.S., the Soviet Union and Canada.