(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, which is impugned in the first appeal.
2) We have heard Ms. Patel for Mr. Vibhuti Nanavati for the applicant and Mr. Mehul Shah, learned counsel for the original claimants. The presence of the other parties in the present proceeding would not be required at this stage.
3) This Court, on 20.4.2012, had passed the following order:
Rule returnable on 15th June, 2012.
"On condition that the applicant Insurance Company deposits entire amount awarded by the Claims Tribunal with proportionate costs and interest before the said Tribunal on or before the returnable date, there shall be stay against execution and operation of the impugned award."
4) It has been stated by the learned counsel appearing for both the sides that the amount has been deposited. Under the circumstances, as the condition has complied with, the ad-interim relief granted earlier shall stand confirmed.
5) Considering the facts and circumstances, out of the amount which has been deposited, the Tribunal shall permit withdrawal of 10% of the available amount and shall invest 90% of the amount 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 disposed of but with the condition that the claimants shall be entitled to get periodical interest on the aforesaid investment. 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. Rule is made absolute to the aforesaid extent.
(JAYANT PATEL,J.) (C.L.SONI,J.) Vahid Top