1 Heard the learned advocates for the parties.
2 It is submitted that, when the hearing of the Civil Application for stay was fixed, the applicants could not remain present and now this application is filed by the applicants for disbursement of the amount deposited by the Insurance Company.
3 This Court passed order dated 23.2.2012 in Civil Application No.16306 of 2010 [for stay]:
"Rule returnable on 09.03.2012.
By way of Ad-interim relief, the impugned judgment and award passed by the Tribunal shall remain stayed on condition that the applicant-Insurance Company deposits the entire awarded amount together with interest and costs with the Tribunal before the returnable date.
On such deposit being made, the Tribunal concerned shall invest the entire amount in Fixed Deposit with any nationalized Bank, initially, for a period of one year, which shall be renewed from time to time, without any further orders in that regard from this Court. Quarterly interest accruing on such deposit shall be paid to the original claimants on regular basis. The FDR shall be retained with the 'Nazir' of the Tribunal. Further orders shall be passed on the returnable date."
4 Thereafter, by order dated 7.5.2012, the ad-interim relief was confirmed and the Rule was made absolute.
5 In the facts and circumstances of the case, in furtherance of the order dated 23.2.2012 passed by this Court, from the amount deposited by the Insurance Company, the Tribunal is directed to invest 70% thereof in any Nationalized Bank in the names of the claimants initially for a period of three years with periodical renewal till the appeal is finally decided by this Court. Rest of the 30% of the amount is permitted to be withdrawn by the claimants by account payee cheque after proper verification subject to final result in the appeal. The FDR shall remain with the Nazir of the trial court.
6 With the aforesaid direction, this Civil Application stands disposed of.
(ANANT S. DAVE, J.) (swamy) Top