SC Appoints Ex-CJI U U Lalit as Mediator in 500 Crore UAE Money Dispute

The Supreme Court appointed former Chief Justice U U Lalit as sole mediator to resolve a dispute over a 500 crore UAE court decree favoring Ras Al Khaimah Investment Authority (RAKIA) against Hyderabad industrialist Nimmagadda Prasad. The case relates to the failed 2008 Vanpic Project, with RAKIA alleging misappropriation of USD 120 million. Prasad has deposited 125 crore as security and submitted clear title deeds for a 37-acre Telangana land parcel. Both parties agreed to time-bound mediation, with conditions to maintain asset status quo during the process.