(Per : HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA) By this Application, the respondent in a First Appeal arising out of an award passed by the Motor Accident Claims Tribunal, has prayed for direction upon the Manager of the Allahabad Bank, Dinbai Tower Branch, Ahmedabad, to allow premature withdrawal of the fixed deposit of Rs.8,62,158=00 which is lying in the name of all the applicants and, thereafter, immediately to reinvest the amount for a further period of five years as per today's rate of interest.
It appears from the record that by order dated 22nd March 2005, a Division Bench of this Court, on the application for release of the amount of compensation at the instance of the claimants, permitted them to withdraw a sum of Rs.1 lac in favour of the widow of the victim with a further direction that the remaining amount should be invested in fixed deposit with a nationalized bank in the name of all the claimants for a further period of five years in the first instance, extendable in case the appeal is not heard within that period. It is further directed that the amount of interest accruing on the fixed deposit should be paid to the widow of the victim monthly or quarterly or six monthly, as may be demanded by her from the Manager of the Bank.
Pursuant to such direction, the remaining amount is invested in the fixed deposit with the Allahabad Bank as indicated above.
After hearing the learned counsel for the parties, we find that the rate of interest having increased, it is a fit case where direction should be given for premature encashment of the fixed deposit and for immediate reinvestment for five years with the current rate of interest. The Bank will also take into consideration the fact that two of the investors are senior citizens and if the law permits, the benefit of higher rate of interest should also be given.
With the above observations, this Application is disposed of. Direct service is permitted.
(Bhaskar Bhattacharya, Acting C.J.) (J.B.Pardiwala, J.) /moin Top