(Per : HONOURABLE MR.JUSTICE JAYANT PATEL) All the applications are for interim stay pending appeals against the judgement and award passed by the Tribunal, which is impugned in the concerned First Appeals.
This Court, on 18.4.2012, had passed the order for interim stay on condition to deposit the entire awarded amount together with interest and cost.
Mr.Dakshesh Mehta, learned Counsel for the applicant - appellant Insurance Company states that the amount has been deposited and the condition has been complied with.
Hence, the ad-interim relief granted earlier shall stand confirmed.
We have heard Mr.Mehta, learned Counsel for the applicant - appellant and Mr.Modi, learned Counsel for the respondents - original claimants on the aspect of withdrawal. Mr.Dagli, learned Counsel has appeared for the owner of the vehicle. The presence of the other parties to the proceedings would not be required at this stage.
It appears that out of the total awarded amount, the amount under challenge is about 50% in the present appeals and further, out of the three claims, the apportionment is 40% to the minor claimant aged 8 months at the relevant point of time and 60% to the claimants No.2 and 3, who are grandparents of the minor claimant and mother and father of the deceased, who was head of the family.
Under these circumstances, the Tribunal will bifurcate the total amount deposited by the applicant-appellant Insurance Company in the respective appeals together with the cost and interest into two parts; one would be the portion of 40% of the amount and another would the portion of 60% of the amount. So far as 40% of the amount is concerned, the investment shall be made by the Tribunal in the FDR with a nationalized Bank initially for a period of 5 years and such investment shall be renewed from time to time until the appeals are finally disposed of with the condition that the grandparents of the minor in capacity as guardian shall be entitled to periodical interest as and when it may become due on such investment. Out of the remaining portion of 60%, 15% shall be permitted to be withdrawn by the original claimants No.2 and 3 - grandparents of minor claimant/parents of the deceased and the remaining 85% of the amount shall be invested by the Tribunal in the FDR with a nationalized Bank initially for a period of 3 years and such investment shall be renewed from time to time until the appeals are finally disposed of with the condition that the claimants No.2 and 3 shall be entitled to periodical interest as and when it may become due on such investment. All the above investments shall be made in the names of the claimants concerned and the original FDRs shall be retained by the Nazir Department.
The applications are allowed to the aforesaid extent. Rule is made absolute accordingly.
(Jayant Patel, J.) (C. L. Soni, J.) vinod Top