Icici Lombard General Insurance vs Nitin Pethabhai Loncha
2021 Latest Caselaw 15855 Guj

     C/FA/2774/2018                                IA ORDER DATED: 07/10/2021




            IN THE HIGH COURT OF GUJARAT AT AHMEDABAD


                CIVIL APPLICATION (FOR STAY) NO. 1 of 2018
                     In R/FIRST APPEAL NO. 2774 of 2018
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ICICI LOMBARD GENERAL INSURANCE Versus NITIN PETHABHAI LONCHA ========================================================== Appearance:

MR SUNIL B PARIKH for the PETITIONER(s) No. MR. HEMAL SHAH for the RESPONDENT(s) No. RULE SERVED for the RESPONDENT(s) No. ==========================================================

CORAM:HONOURABLE MR. JUSTICE A.G.URAIZEE

Date : 07/10/2021

IA ORDER

1. Heard learned advocate for the Insurance Company and learned advocates for the claimants.

2. Learned advocate for the Insurance Company submits that the entire awarded amount of compensation along with interest and costs is deposited in the Tribunal in compliance of the order of this Court. Learned advocate for the Insurance Company, therefore, submits that necessary order for disbursement may be made and remaining amount may be invested in non-cumulative Fixed Deposit Receipt and stay granted earlier may be confirmed till the final disposal of the appeal.

3. Learned advocate for the claimants confirms that amount of compensation awarded by the learned Tribunal

C/FA/2774/2018 IA ORDER DATED: 07/10/2021

is deposited in the Tribunal. Learned advocate for the claimants urge that 30% amount may be disbursed in favour of the claimants and remaining 70% amount of compensation may be invested in non-cumulative fixed deposit receipt in any nationalized bank as urges by learned advocate for the insurance company.

4. Having heard the learned advocates for the respective parties and having considered the facts and circumstances of the case, the learned Tribunal shall disburse 30% of the deposited amount to the claimants and remaining 70% of the deposited amount shall be invested in non-cumulative FDR in any nationalized bank initially for a period of five years and thereafter renewed the same periodically till final disposal of the appeal and the receipt to be kept in the custody of Nazir of the concerned Tribunal. Periodical interest accrued on FD be released in favour of claimants.

5. Accordingly, present Civil Application stands dispose of. The stay granted earlier of the impugned judgment and award is confirmed till the final disposal of the appeal. Rule is made absolute.

(A.G.URAIZEE, J) SURESH SOLANKI