Telangana High Court Speeds Up Hearing on UAE's ₹600 Cr Recovery Plea
Rakia alleged repeated violations by Prasad over a decree issued by the UAE court on the return of Rs 600 crore
Hyderabad:The Telangana High Court directed commercial court at Rangareddy and Hyderabad districts to conclude the hearing expeditiously in the execution petitions filed by the Ras-Al-Khaimah Investment Authority (Rakia), a state-owned entity of Ras-Al-Khaimah, one of the United Arab Emirates, against the Hyderabad based industrialist Nimmagadda Prasad.
Rakia alleged repeated violations by Prasad over a decree issued by the UAE court on the return of Rs 600 crore. The case involves misuse of funds in the Vadarevu-Nizampatnam port project.
According to Rakia, a UAE court had passed a decree in its favour for an amount equivalent to `600 crore towards damages for misappropriation of funds by Prasad. Rakia filed a petition to execute the decree before the commercial court.
Though the petitions were filed in 2023, till now the trial was going on. Hence, the company approached the High Court to issue directions to the commercial court to conclude the hearings expeditiously. The High Court directed the court to do so, even to consider holding daily hearings.