SC appoints ex-CJI UU Lalit as mediator to resolve dispute over UAE decree

The Supreme Court on Monday appointed former Chief Justice of India UU Lalit as the sole mediator to amicably resolve the dispute over the execution of a money decree of Rs 500 crore passed by the UAE court in favour of Ras Al Khaimah Investment Authority (RAKIA) and against Hyderabad-based industrialist Nimmagadda Prasad. RAKIA is seeking to enforce a UAE civil judgment for AED 267,941,374 (approximately Rs 543 crore principal and Rs 643 crore with interest).

The case 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 $120 million intended for the project.

On Monday, a bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi was informed by senior advocate Gopal Subramanium, appearing for Prasad, that the industrialist has deposited Rs 125 crore as cash security as directed earlier.