(Per : HONOURABLE MR.JUSTICE JAYANT PATEL) The present application is for interim stay pending the Fist Appeal against the judgment and award passed by the Tribunal which is impugned in the First Appeal.
It has been stated that the amount in question as per the judgment and award together with the cost and interest is already deposited pursuant to the order dated 11.06.2012 passed by this Court in First appeal No.1126/12.
Under the circumstances, there shall be interim stay against the execution and implementation of the judgment and award passed by the Tribunal. The Tribunal shall permit withdrawal and investment as may be ordered hereinafter.
We have heard the learned counsel appearing for both the sides on the aspect of withdrawal. It is undisputed position that out of the total awarded amount of Rs.31,90,600 with proportionate interest and cost, the amount under challenge is Rs. 8 lakhs with proportionate interest and costs in the present appeal. Therefore, the Tribunal shall bifurcate the available amount into two parts; one would be the amount of Rs.23,90,600/- which is unchallenged amount with proportionate interest and costs. Out of the said amount, withdrawal shall be permitted by the Tribunal to the extent of 15% and 85% of the amount shall be invested by the Tribunal in the FDR for a period of 5 years with the clause that the claimants shall be entitled to the periodical interest on the said amount as and when it becomes due. Upon the expiry of the period, the said amount shall be paid to the claimants.
The second portion of the amount under challenge viz., of Rs.8 lakhs, with proportionate interest and cost shall be invested by the Tribunal in the FDR initially for a period of 3 years and the said investment shall be renewed from time to time until the First Appeal is finally disposed of but with the condition that the original claimants shall be entitled to periodical interest of the investment as and when it becomes due. The original FDR shall be retained by the Nazir department of the Tribunal.
Application allowed to the aforesaid extent. Rule made absolute accordingly.
(JAYANT PATEL, J.) (C.L.
SONI, J.) *bjoy Top