Supreme Court Appoints Former Chief Justice as Mediator in Rs 500 Crore Dispute

The Supreme Court has appointed former Chief Justice of India U U Lalit to mediate a dispute over a Rs 500 crore decree from a UAE court in favor of RAKIA against industrialist Nimmagadda Prasad. The case relates to the failed 'Vanpic Project'. Both parties agreed to a time-bound mediation.

The Supreme Court of India has tasked former Chief Justice U U Lalit with mediating a contentious financial dispute involving a Rs 500 crore decree issued by a UAE court. This legal battle pits Ras Al Khaimah Investment Authority (RAKIA) against Hyderabad industrialist Nimmagadda Prasad over the failed 'Vanpic Project'.

The project, which intended to develop ports and an airport in Andhra Pradesh, collapsed amid allegations of misappropriation of funds by Prasad in collaboration with a former CEO of RAKIA. Prasad has deposited Rs 125 crore as security and submitted land title deeds to the court, while both parties have consented to mediation.

The mediation, overseen by Justice Lalit, will proceed in a hybrid mode, accommodating representatives from RAKIA via video conferencing. The court stipulates that Prasad maintain the existing status of assets and permits him to use funds for operational purposes. These proceedings mark a pivotal step towards resolving a high-stakes international legal conflict.