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CA/4172/2011 3/ 3 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
CIVIL
APPLICATION - FOR DIRECTION No. 4172 of 2011
In
FIRST
APPEAL No. 589 of 2010
=========================================================
LEGAL
HEIRS OF DECEASED CHIRAG MAKWANA & 1 - Petitioner(s)
Versus
NATIONAL
INSURANCE COMPANY LTD - Respondent(s)
=========================================================
Appearance
:
MR
SHAILESH C SHARMA for
Petitioner(s) : 1 - 2.
MR NAGESH C SOOD for Respondent(s) :
1,
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE G.B.SHAH
Date
: 12/10/2011
ORAL
ORDER
1.0 Rule.
Mr. Nagesh C. Sood waives service of rule for respondent-Insurance
Company.
2.0 This
application has been preferred by the applicants-original claimants
seeking orders for disbursement of amount which is deposited in the
name of the Nazir of the Tribunal at Ahmedabad.
3.0 It
is stated by learned Advocate Mr. Nagesh Sood for the respondent-
Insurance company that the Insurance Company had already deposited
the entire awarded amount of Rs.3,26,925/- on 11.03.2010 as per the
order passed by this Court on 12.05.2010, which amount has been
invested in Fixed Deposit with a nationalized bank in the name of the
Nazir of the Tribunal for a period of six years.
4.0 It
is required to be noted that when the order dated 12.05.2010 was
passed by this Court, the learned Advocate Mr. Shailesh C. Sharma
appearing for respondents no.1 and 2 – original claimants
remained absent. Hence the entire awarded amount was directed to be
invested in the name of Nazir of the Tribunal. However, it was
observed in the aforesaid order that it would be open to the original
claimants to move appropriate application for modification of the
order or for disbursement. The applicants-original claimants have
therefore filed the present application for disbursement of the
amount.
5.0 It
is pertinent to note that in the main appeal being First Appeal
No.580 of 2010, the present respondent-original appellant has
challenged the amount of only Rs.76000/-, meaning thereby, the
appellant has restricted their claim in appeal to the extent of
Rs.76000/-. Under these circumstances the Tribunal is directed to
reinvest the entire amount as under:
Sum
of Rs.76000/- with proportionate costs and interest shall be
invested in a fixed deposit with any nationalized bank in the name
of the Nazir of the Tribunal initially for a period of five years
with cumulative effect, meaning thereby, the original claimants
shall not be permitted to withdraw the periodical interest on the
same. The said deposit shall be renewed from time to time till the
disposal of the appeal. There shall not be any loan and/or advance
on the aforesaid fixed deposit, without prior permission of this
Court and the Fixed Deposit Receipt shall be retained with the Nazir
of the Tribunal.
The
Tribunal is further directed to invest 75% of the remaining amount
with proportionate costs and interest in fixed deposit with any
nationalized bank in the joint names of Nazir of the Tribunal and
original claimants initially for a period of five years, which shall
be renewed from time to time till the disposal of the appeal. There
shall not be any loan and/or advance on the aforesaid fixed deposit,
without prior permission of this Court and the Fixed Deposit Receipt
shall be retained with the Nazir of the Tribunal. The original
claimants shall be permitted to withdraw periodical interest on the
said deposit.
The
remaining 25% of the amount shall be disbursed to the original
claimants after following due procedure, by Account Payee cheque, in
the name of the original claimants on proper verification by the
Tribunal.
6.0 Rule
is made absolute accordingly with no order as to costs. Direct
service is permitted.
(G.B.SHAH,
J.)
niru*
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