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CA/8767/2005 3/ 3 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
CIVIL
APPLICATION - FOR STAY No. 8767 of 2005
To
CIVIL
APPLICATION - FOR STAY No. 8769 of 2005
=========================================================
ORIENTAL
INSURANCE CO. LTD - Petitioner(s)
Versus
BHARAT
MULJIBHAI PATEL & 5 - Respondent(s)
=========================================================
Appearance
:
MR
RAJNI H MEHTA for
Petitioner(s) : 1,
RULE UNSERVED for Respondent(s) : 1,
RULE
SERVED for Respondent(s) : 2 - 4, 6.2.1, 6.2.2, 6.2.3, 6.2.4,6.2.5
DELETED for Respondent(s) : 5,
None for Respondent(s) :
6,
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE M.S.SHAH
and
HONOURABLE
MR.JUSTICE AKIL KURESHI
Date
: 13/11/2006
COMMON ORAL ORDER
(Per
: HONOURABLE MR.JUSTICE AKIL KURESHI)
By
order dated 20.9.2005, this Court had stayed execution of the
impugned award on condition that the applicant deposits the amount
awarded within two months. Learned advocate Mr RH Mehta with learned
advocate Mr Sunil Parikh for the applicant and Ms Amrita Ajmera for
respondent -claimants state that consequently the amount came to be
deposited by the applicant before the Tribunal.
Since
the said order was passed on 20.9.2005, it would be safe to presume
that the Tribunal would have invested the amount so deposited as
directed by this Court in its order dated 20.9.2005. Under the
circumstances, we do not find it appropriate to release any amount in
favour of the claimants at this stage since the same would
necessitate premature encashment of the deposit resulting into loss
of interest to the claimants.
It
is, however, directed that the claimants in each application will be
entitled to receive interest periodically accruing on the fixed
deposits including the interest which may have been accumulated so
far. It is further directed that as and when the fixed deposit
matures, 90% of the amount will be re-invested by the Tribunal in
fixed deposit with a nationalized bank near the residence of the
claimants in each application for a period of five years, to be
renewed from time to time till final disposal of the appeal,
with usual conditions about prohibition against premature encashment/
encumbrance, etc. of the deposits, with permission to the respective
claimants to withdraw the interest periodically accruing on such
fixed deposits and with a direction to the Bank that the bank
accounts of the claimants shall not be operated by any power of
attorney holder who is not a close relative of the claimants.
The
remaining amount shall be paid over to the claimants in each
application by account payee cheques.
With
these directions, the civil applications stand disposed of. Rule is
made absolute in each application.
(M.S.
SHAH, J.)
(AKIL
KURESHI, J.)
zgs/-
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