Shriram General Insurance ... vs Pandharinath Kashinath Gavate ...
2021 Latest Caselaw 4113 Bom

                                                                         16-525-2021-IA-stay=.doc


                       Uday S. Jagtap
                                    IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                                            CIVIL APPELLATE JURISDICTION

                                        INTERIM APPLICATION NO. 525 OF 2021
                                                         IN
                                          FIRST APPEAL (ST.) NO. 1076 OF 201

                       Shriram General Insurance Co. Ltd.                .. Applicant
                             Vs.
                       Pandharinath Kashinath Gavate & Ors.              .. Respondents

                                                         .....
                       Mr. Suryajeet P. Chavan i/b Mr. Pandit Kasar for the applicant
                       None for the respondents

                                                       CORAM : PRITHVIRAJ K. CHAVAN, J.

DATED : 5th MARCH, 2021 P.C.

1. This is an application seeking stay to the execution and implementation of the judgment and award dated 13th September, 2019 passed by the Member, M.A.C.T., Nashik in M.A.C.P. No. 25 of 2014.

2. Heard the learned Counsel for the applicant - insurer, who makes a statement at the bar that entire amount of award with accrued interest will be deposited in M.A.C.T. within a period of four weeks. Statement is accepted.

3. In view of the statement by the learned Counsel for the applicant, there shall be ad-interim relief in terms of prayer clause

(a), subject to deposit of the amount as above.

4. If the applicant fails to deposit the entire amount within four weeks, ad-interim relief shall stand vacated without further Digitally signed by UDAY UDAY SHIVAJI SHIVAJI JAGTAP Date:

JAGTAP    2021.03.08
          17:44:01
          +0530
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                                                16-525-2021-IA-stay=.doc


reference to the Court.

5. After depositing the amount, the applicant shall inform the respondents-claimants about the factum of deposit within one week.

6. The respondents are at liberty to withdraw 50% of the amount that would be deposited by the applicant before the concerned M.A.C.T upon furnishing an undertaking within two weeks that if the appellant succeeds in the appeal, the respondents shall refund the amount with interest at such rate as would be directed by this Court depending upon the outcome of the first appeal.

7. If respondents do not file an undertaking within the aforesaid period, the amount that would be deposited by the applicant shall be invested by the M.A.C.T in a fixed deposit in any Nationalized Bank for a period of one year and thereafter for one more year again after obtaining order from this Court.

8. If 50% amount is withdrawn by the respondents, balance amount shall be invested by the M.A.C.T in a fixed deposit as stated above, in a Nationalized Bank.

9. The application stands disposed of.

(PRITHVIRAJ K. CHAVAN, J.)

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