Supreme Court to Hear Rs 500 Crore UAE Decree Case in July Following Failed Mediation
SC agrees to hear plea on Rs 500 cr UAE money decree in July as mediation fails
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The Supreme Court of India has agreed to hear a plea regarding a Rs 500 crore money decree from a UAE court against industrialist Nimmagadda Prasad in July, after mediation efforts led by former Chief Justice U U Lalit failed. The case is linked to the failed Vanpic Project in Andhra Pradesh.
- 01The UAE court's decree amounts to approximately Rs 543 crore in principal and Rs 643 crore with interest.
- 02The dispute involves the alleged misappropriation of USD 120 million intended for the Vanpic Project, a joint venture initiated in 2008.
- 03Nimmagadda Prasad has deposited Rs 125 crore as cash security and submitted original title deeds for a 37-acre land parcel in Telangana.
- 04The Supreme Court has directed Prasad to maintain the status quo on his assets during the mediation process.
- 05The court will conduct a day-to-day hearing of the case starting in the second week of July.
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The Supreme Court of India has scheduled a hearing for July regarding a plea connected to a Rs 500 crore money decree issued by a UAE court in favor of the Ras Al Khaimah Investment Authority (RAKIA) against Hyderabad-based industrialist Nimmagadda Prasad. This decision follows the failure of mediation efforts led by former Chief Justice U U Lalit. RAKIA is seeking to enforce a judgment that includes approximately Rs 543 crore in principal and Rs 643 crore with interest, stemming from the failed Vanpic Project aimed at developing ports and an airport in Andhra Pradesh. The court noted that Prasad has already deposited Rs 125 crore in cash security and submitted title deeds for a 37-acre land parcel, which is free from encumbrances. The Supreme Court has mandated that Prasad maintain the status quo regarding his assets and will conduct a day-to-day hearing on the case starting in the second week of July.
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The case could significantly affect the financial standing of Nimmagadda Prasad and the operations of his firms, particularly in Andhra Pradesh.
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