Supreme Court to hear Rs 500 Crore UAE decree case in July

Taking note of a failed mediation process undertaken by former Chief Justice of India U U Lalit, the Supreme Court on Monday agreed to hear in July a plea related to the execution of a money decree of Rs 500 crore passed by a UAE court in favour of Ras Al Khaimah Investment Authority and against Hyderabad-based industrialist Nimmagadda Prasad.

At the outset, senior advocate Abhishek Singhvi, appearing for Ras Al Khaimah Investment Authority (RAKIA), informed a bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi that the mediation process has failed and the



matter be now heard by the court itself in July.

On March 16, the CJI-led bench had appointed U U 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 RAKIA and against Prasad.

The bench, on Monday, said that it is not going to hear interim applications at the moment and will accord day-to-day hearing on the main case in the second week of July. RAKIA is seeking to enforce a UAE civil judgment for 267,941,374 dirham (approximately Rs 543 crore principal and Rs 643 crore with interest).