The Supreme Court of India is set to hear a case in July regarding the implementation of a UAE court decree totaling approximately ₹500 crore. This decree is in favor of the Ras Al Khaimah Investment Authority (RAKIA) against Hyderabad's industrialist Nimmagadda Prasad.
The case escalated to the court after mediation, facilitated by former Chief Justice of India U U Lalit, did not yield a resolution.
A bench led by Chief Justice Surya Kant, accompanied by Justices Joymalya Bagchi and Vipul M. Pancholi, was informed of the failed mediation. Senior lawyer Abhishek Singhvi, representing RAKIA, requested the court to take up the matter.
The Supreme Court has indicated that it will not consider interim applications for the time being and will conduct a day-to-day hearing on the principal case in the second week of July.
Context of the Dispute
This conflict originates from the “Vanpic Project,” a 2008 collaboration aimed at developing ports and an airport in Andhra Pradesh. RAKIA claims that approximately USD 120 million was misappropriated in connection with the project, allegedly involving former RAKIA CEO Khater Massaad.
RAKIA seeks to enforce a UAE civil judgment for 267,941,374 dirhams, equating to about ₹543 crore in principal and around ₹643 crore inclusive of interest.
Prior Court Directions and Security Measures
In earlier proceedings, the Supreme Court instructed Nimmagadda Prasad to arrange for a security deposit of ₹600 crore to support his appeal against the UAE decree.
To comply, Prasad deposited ₹125 crore in cash and submitted title deeds for a 37-acre land parcel in Telangana. Additionally, he proposed further assets, such as shares and properties worth approximately ₹212 crore, which are already under attachment in related cases.
The court mandated that the deposited funds are to be retained in a high-interest fixed deposit account with the Supreme Court registry and required that the land title documents are verified as unencumbered.
Mediation Overview and Upcoming Hearing
Initially, both parties consented to a court-supervised mediation process, with Justice U U Lalit designated as the mediator. However, no settlement was reached.
In light of the failed mediation, the Supreme Court is prepared to hear the case in July on a daily basis.
The ongoing arrangements concerning security deposits and asset limitations will remain conditional upon final court rulings.
A strong smell at a shopping mall in Tokyo triggered a major emergency response with at least 19 pe
Recent missile strikes in Ukraine have escalated regional tensions, prompting urgent calls for inter
A tense exchange between Donald Trump and Xi Jinping during high-level talks has raised questions ab
Indigenous treaty rights and constitutional protections are becoming major obstacles in Alberta’s gr
