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Lakshya Sen's campaign ended after he lost to reigning world champion Kunlavut Vitidsarn of Thailand in the men's singles semifinal.
An inspired Tai Tzu Ying secured her first women's singles India Open title with a dominating straight-game win over Chen Yu Fei.
Satwik and Chirag, the Asian Games gold medallists, went down 21-9, 18-21, 17-21 to Liang and Wang.
The Indian doubles pair beat Korean duo Min Hyuk and Seung Jae in the semifinals.
Satwik and Chirag humbled China's Ren Xiang Yu and He Ji Ting in straight games.
The awards will be conferred on the athletes by President Droupadi Murmu at the Rashtrapati Bhavan on January 9.
The world No.1 pair of Liang Wei Keng and Wang dashed the Indian duo's hopes of claiming a second BWF Super 750 title.
The top seeds will face another Chinese pair in the summit clash.
H S Prannoy's campaign ended after he lost to Japan's Kodai Naraoka 9-21, 14-21 in the men's singles quarterfinal.
Prannoy, seeded eighth, will now take on third-seeded Japanese Kodai Naraoka.