The Supreme Court has appointed former Chief Justice of India U U Lalit as the sole mediator to resolve the dispute over the execution of a ₹500 crore money decree passed by the UAE court in favour of Ras Al Khaimah Investment Authority and against Hyderabad-based industrialist Nimmagadda Prasad.
Ras Al Khaimah Investment Authority (RAKIA) is seeking to enforce a UAE civil judgment for AED 267,941,374, which stems from the 'Vanpic Project', a failed 2008 joint venture to develop ports and an airport in Andhra Pradesh.
RAKIA alleges that Prasad, in collusion with former RAKIA CEO Khater Massaad, misappropriated USD 120 million intended for the project.
Prasad has deposited ₹125 crore as cash security and submitted the original title deeds of a 37-acre land parcel in Telangana, which is free from encumbrances.
The Supreme Court has directed Justice Lalit to undertake a mediation exercise in hybrid mode, enabling RAKIA representatives to appear through video conferencing due to the security situation in the Gulf region.
Justice Lalit will decide his professional fees and other ancillary expenses in consultation with the parties to the litigation.
