High-Stakes Legal Battle: UAE Judgment Enforcement Against Indian Industrialist

The Supreme Court is grappling with a significant case involving the enforcement of a UAE civil judgment against Nimmagadda Prasad, a Hyderabad-based industrialist. The proceedings have drawn attention due to allegations from the Ras Al Khaimah Investment Authority (RAKIA), which has been unsuccessful in recovering funds from Prasad, despite prevailing in the UAE court system.

During a heated session, Chief Justice Surya Kant expressed disapproval over the 'mockery of the law,' spotlighting systematic asset dissipation and legal delays. Representing RAKIA, advocate Abhishek Singhvi outlined a complex web of companies allegedly orchestrated by Prasad to protect assets from legal claims, complicating the execution of the decree amounting to Rs 543 crore.

Defending Prasad, his counsel challenged the enforcement's legitimacy under Indian law, arguing that the original UAE judgment was derived from a flawed process. The defense also noted that RAKIA retained a majority stake in the contentious Vanpic project. As the legal contest continues, the court has hinted at requiring a substantial security deposit from Prasad to allow further contestation of the judgment.