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CA/10469/2010 3/ 3 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
CIVIL
APPLICATION - FOR STAY No. 10469 of 2010
In
FIRST
APPEAL No. 2588 of 2010
=========================================================
NEW
INDIA ASSURANCE CO LTD - Petitioner(s)
Versus
GYANMALJI
BHERUMALJI JAIN : SHAH & 6 - Respondent(s)
=========================================================
Appearance
:
MR
GC MAZMUDAR for
Petitioner(s) : 1,MR HG MAZMUDAR for Petitioner(s) : 1,
MR VILAV K
BHATIA for Respondent(s) : 1,
None for Respondent(s) : 2 -
7.
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE JAYANT PATEL
and
HONOURABLE
MR.JUSTICE H.B.ANTANI
Date
: 21/10/2010
ORAL
ORDER
(Per
: HONOURABLE MR.JUSTICE JAYANT PATEL)
Rule.
Mr.Bhatia, learned Counsel appears and waives service of notice of
Rule for the original claimants. The presence of the other parties
to the proceedings would not be required at this stage.
The
present application is for interim injunction against the execution,
operation and implementation of the impugned judgement and award
pending the first appeal.
Considering
the facts and circumstances, there shall be interim injunction
against the execution and implementation of the impugned judgement
and award dated 11.2.2010 on condition that the applicant deposits
the entire awarded amount together with the interest and cost with
the Tribunal within a period of six weeks from today. The amount
already deposited shall be given set off and the remaining amount,
if any, shall be deposited.
We
have heard learned Counsel appearing for both the sides on the
aspect of withdrawal.
Considering
the facts and circumstances, out of the amount, which is or may be
deposited, 30% of the amount shall be permitted to be withdrawn by
the original claimants and 70% of the amount shall be invested by
the Tribunal in the Fixed Deposit Receipts, initially for a period
of three years and such deposit shall be renewed from time to time
until the appeal is finally disposed of, and such investment shall
be with the stipulation that the original claimants would be
entitled for the periodical interest on such investment from time to
time, until the appeal is finally disposed of.
Hence,
ordered accordingly. The application is allowed in terms of the
aforesaid directions. Rule made absolutely accordingly.
(Jayant
Patel, J.)
(H.
B. Antani, J.)
vinod
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