(Per : HONOURABLE MR.JUSTICE C.L. SONI)
1. Applicant has moved this application seeking permission to release amount of Rs.11,25,615/- with interest accrued on the Fixed Deposit Receipt.
2. We find that the Tribunal has passed award in favour of the applicant for payment of compensation of Rs.13,38,334/- with proportionate costs and interest.
3. This Court in an application for stay, being Civil Application No.12978 of 2010, has confirmed the order of stay, by recording that the original appellant has deposited the entire amount awarded with proportionate costs and interest. However, at the relevant time, since the applicant was not present, the Court had kept liberty open to the applicant to move an application for withdrawal of the amount. Accordingly, the applicant has now moved this application for permitting him to withdraw the aforesaid amount deposited by the respondent.
4. We, therefore, direct that out of the amount deposited by the appellant under the award, applicant shall be permitted to withdraw 30% of the amount. Rest of the amount shall be invested in Fixed Deposit Receipt initially for a period of five years. Such investment shall be renewed from time to time till the First Appeal is finally heard and decided. We also direct that the applicant shall be permitted to withdraw periodical interest which may be accrued on the Fixed Deposit Receipt.
5. With the aforesaid directions, this application is disposed of.
(AKIL KURESHI, J.) (C.L.
SONI, J.) omkar Top