Post by : Badri Ariffin

The Supreme Court of India is set to review a plea in July concerning a sizeable UAE court decree of approximately ₹500 crore, awarded to the Ras Al Khaimah Investment Authority (RAKIA) against Hyderabad-based businessman Nimmagadda Prasad.

This legal matter advanced to the Supreme Court following unsuccessful mediation efforts led by former Chief Justice of India U U Lalit.

A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M. Pancholi was informed that the mediation concluded without achieving a settlement. Senior advocate Abhishek Singhvi, representing RAKIA, has requested a court hearing on the issue.

At this stage, the Supreme Court noted that it will not consider interim applications but will focus on hearing the principal matter on a day-to-day basis starting the second week of July.

Case Background

This legal dispute originates from the “Vanpic Project,” a 2008 joint initiative to develop ports and an airport in Andhra Pradesh. RAKIA claims that $120 million was misappropriated in the project, allegedly in concert with the former RAKIA CEO, Khater Massaad.

RAKIA seeks to execute a UAE civil ruling amounting to 267,941,374 dirhams, roughly translating to ₹543 crore as the principal amount, and around ₹643 crore inclusive of interest.

Past Court Directives and Security Measures

In prior court sessions, the Supreme Court mandated industrialist Nimmagadda Prasad to secure a ₹600 crore deposit to contest the UAE decree.

For compliance, Prasad deposited ₹125 crore in cash and presented title deeds for a 37-acre plot in Telangana. Additional assets, including shares and properties worth approximately ₹212 crore that are already under attachment in related cases, were also offered.

The court directed that the cash deposit be kept in a high-interest fixed deposit account with the Supreme Court registry and mandated verification of the land title documents to confirm they are free of encumbrances.

Mediation Status and Upcoming Hearing

Initially, both parties consented to a court-mediated negotiation process, appointing Justice U U Lalit as the sole mediator. Unfortunately, this attempt did not lead to a resolution.

Given the failure of mediation, the Supreme Court is scheduled to continue hearings in July, on a daily basis.

Interim arrangements regarding security deposits and asset restrictions will remain intact until the court issues final orders.

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