New Delhi, The Supreme Court on Monday appointed former Chief Justice of India U U Lalit as the sole mediator to amicably resolve the dispute over the execution of a money decree of ₹500 crore passed by the UAE court in favour of Ras Al Khaimah Investment Authority and against Hyderabad-based industrialist Nimmagadda Prasad.. SC appoints ex-CJI UU Lalit as mediator to resolve dispute over ₹500 cr UAE money decree. RAKIA is seeking to enforce a UAE civil judgment for AED 267,941,374 .. The case stems from the ‘Vanpic Project’, a failed 2008 joint venture to develop ports and an airport in Andhra Pradesh.. RAKIA alleges that Prasad, in collusion with former RAKIA CEO Khater Massaad, misappropriated USD 120 million intended for the project.. On Monday, a bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi was informed by senior advocate Gopal Subramanium, appearing for Prasad, that the industrialist has deposited ₹125 crore as cash security as directed earlier.. The senior lawyer also said that the original title deeds of a 37-acre land parcel in Telangana have also been submitted in the court. He also added that the land parcel is free from encumbrances.. Subramanium said his client was willing to undergo mediation for an amicable settlement of the case.. Senior advocates Abhishek Singhvi and Gopal Sankaranarayanan, appearing for the foreign firm, said that they were agreeable to the time-bound mediation to resolve the dispute with a condition that the status quo with regard to the assets of Prasad be maintained and no third party be created till the conclusion of mediation.. Taking note of the consent of both parties, the CJI appointed Justice Lalit as the sole mediator and requested him to undertake the mediation for expeditious disposal.. The bench asked Justice Lalit to undertake a mediation exercise in hybrid mode to enable the representatives of RAKIA to appear through video conferencing mode keeping in mind the security situation in the Gulf region.. Clarifying its earlier order, the CJI said the Hyderabad-based businessman can use the funds for running “day-to-day affairs” of his firms, including payment of salaries and will not alienate immoveable properties without prior nod of the court.. The bench said that Justice Lalit may consider hearing related parties while undertaking the mediation exercise.. It said Justice Lalit will decide his professional fees and other ancillary expenses in consultation with the parties to the litigation.. Earlier, the top court directed Nimmagadda Prasad to deposit ₹125 crore in cash security and submit the original title deeds of a 37-acre land parcel in Telangana in a case stemming from a failed 2008 joint venture to develop ports and an airport in Andhra Pradesh.. It had granted time to the industrialist to propose an alternative arrangement for the remaining security.. The bench had asked Prasad to furnish a security of ₹600 crore for hearing his plea against the UAE decree..