(Per : HONOURABLE MR.JUSTICE JAYANT PATEL)
1) Ms.
Patel, learned counsel for Mr. Vibhuti Nanavati, learned counsel for the applicant, states that the amount has already been deposited. Under the circumstances, time to deposit the amount shall stand extended.
2) As Mr. Ankit Shah, learned counsel is appearing for respondent Nos.6 to 9-original claimants, we have also considered the matter on the aspects of withdrawal because as per his statement, the withdrawal, which was permitted vide order dated 3.2.2012 in Civil Application No.1517 of 2012 was not effected since the amount was not deposited by the applicant-Insurance Company at the relevant point of time.
3) Considering the facts and circumstances, we find that now the amount has been deposited, the original claimants shall be permitted to withdraw 20% of the amount out of the amount which has been deposited and the remaining 80% of the amount shall be invested by the Tribunal in the Fixed Deposit Receipt with the Nationalized Bank initially for a period of three years and such investment shall be renewed from time to time, until the appeal is finally heard and disposed of but with the condition that the claimants shall be entitled to get periodical interest on such investment as and when it becomes due. 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 Tribunal shall permit withdrawal after verifying that no withdrawal has been made by the original claimants after the amount was deposited. The application is disposed of accordingly.
(JAYANT PATEL,J.) (C.L.SONI,J.) Vahid Top