Supreme Court to Review ₹500 Crore UAE Judgment in July Following Failed Mediation

The Supreme Court of India is set to review a plea regarding the enforcement of a UAE court's monetary judgment amounting to ₹500 crore, awarded to the Ras Al Khaimah Investment Authority (RAKIA) against Hyderabad's Nimmagadda Prasad.

This case emerged after a mediation attempt conducted by former Chief Justice U U Lalit failed to bring about a resolution.

A bench led by Chief Justice Surya Kant, accompanied by Justices Joymalya Bagchi and Vipul M. Pancholi, was informed that the mediation concluded without any agreement. Abhishek Singhvi, representing RAKIA, urged the court for a hearing on the matter.

The court informed that it will refrain from hearing interim applications for now and will launch the main hearings in the second week of July.

Case Background

This dispute stems from the “Vanpic Project”, a 2008 joint venture aimed at establishing ports and an airport in Andhra Pradesh. RAKIA has accused the misappropriation of USD 120 million in the project, alleging collusion with former RAKIA CEO Khater Massaad.

RAKIA is looking for enforcement of a UAE civil judgment for 267,941,374 dirhams, which translates to roughly ₹543 crore in principal and about ₹643 crore when interest is included.

Prior Court Directives and Security Measures

In previous hearings, the Supreme Court mandated that Nimmagadda Prasad secure ₹600 crore to continue contesting the UAE ruling.

In adherence, Prasad deposited ₹125 crore in cash and presented title deeds for a 37-acre land parcel in Telangana. Additionally, he proposed further assets, including shares and properties valued at approximately ₹212 crore, now under attachment due to related proceedings.

The court stipulated that the deposited sum should be maintained in a high-interest fixed deposit account managed by the Supreme Court registry and that the land title documents must be presented and confirmed as free of any encumbrances.

Mediation Status and Upcoming Hearing

Both parties previously consented to a court-supervised mediation, with Justice U U Lalit appointed as the mediator. However, this process failed to yield a settlement.

With mediation unsuccessful, the Supreme Court will proceed to a day-to-day hearing in July. Interim measures regarding security deposits and asset limitations will remain pending until final court decisions are made.