(Per : HONOURABLE MR.JUSTICE JAYANT PATEL)
1) The present application is for interim stay, pending first appeal against the judgment and award passed by the Tribunal.
2) This Court on 3.5.2012, had passed the following order;
"Rule returnable on 21st June, 2012. On condition that the applicant Insurance Company deposits before the Claims Tribunal the entire amount awarded under the impugned award along with proportionate cost and interest latest by the returnable date, there shall be stay against execution, implementation of the said award.
3) Mr.
Parikh, learned counsel for Mr. Rajni H. Mehta, learned counsel for the applicant states that the amount has been deposited and the condition has been complied with. Under the circumstances, the ad-interim relief granted earlier shall stand confirmed.
4) We have heard the learned counsel for the applicant and Mr. Mohsin Hakim, learned counsel for Mr. M.T.M. Hakim, learned counsel for the original claimants, who are the main contesting parties. The presence of the other parties in the present proceeding would not be required at this stage.
5) It is an undisputed position that out of the total awarded amount of Rs.18,10,000/- with interest and cost, the amount under challenged in the present appeal is Rs.10,00,000/- with proportionate interest and cost. Therefore, out of the amount deposited, the Tribunal shall bifurcate it into two parts. One part would be the amount of Rs.10,00,000/- with proportionate interest and cost and the another would be the amount of Rs.8,10,000/- with proportionate interest and cost. In case of the amount, which is the subject matter of the appeal, that is, Rs. 10,00,000/- with proportionate interest and cost is concerned, such amount shall be invested by the Tribunal in the fixed deposit with the Nationalized Bank for a period of three years and such investment shall be renewed from time to time, until the appeal is finally disposed of but with the clause that the original claimants shall be entitled to get interest on such investment from time to time. The remaining amount of Rs.8,10,000/- with proportionate interest and cost shall be appropriated by the Tribunal as per the judgment and the award of the Tribunal, namely, withdrawal shall be permitted to the extent of 30% and 70% of the amount shall be invested. The F.D.R shall be drawn on the name of the claimants, but the original F.D.R shall be retained by the Nazir of the Tribunal. The application is disposed of accordingly. Rule is made absolute to the aforesaid extent.
(JAYANT PATEL,J.) (C.L.SONI,J.) Vahid Top