(Per : HONOURABLE MR.JUSTICE AKIL KURESHI) RULE.
Learned advocate, Mr. Hiren Modi waives service of notice of rule on behalf of respondents No. 1 to 5 i.e. the original claimants. Insofar as this civil application for stay is concerned, it is not necessary to serve rest of the respondents.
On the condition that the applicant-insurance company deposits before the Claims Tribunal entire amount awarded under the impugned award with proportionate cost and interest latest by 30.04.2012, there shall be stay against the execution and implementation of the impugned award.
Upon such deposit being made by the insurance company, the Claims Tribunal shall proceed to invest and disburse the amount in terms of the provisions made in the impugned award itself. It is, however, clarified that the amount to be deposited in the fixed deposit shall be renewed from time to time till final or further order in this first appeal. Claimants shall, however, receive periodical interest accruing on such fixed deposits.
If the amount is not deposited within the time permitted, stay granted shall stand automatically vacated.
With above, civil application is disposed of. Rule is made absolute.
[AKIL KURESHI, J.] [C.L.SONI, J.] JYOTI Top