Iffco Tokio Gen. Ins. Com. Ltd vs Vilasben Kirtisinh Thakor
2021 Latest Caselaw 16499 Guj

     C/FA/639/2020                               IA ORDER DATED: 21/10/2021




           IN THE HIGH COURT OF GUJARAT AT AHMEDABAD


               CIVIL APPLICATION (FOR STAY) NO. 1 of 2019
                     In R/FIRST APPEAL NO. 639 of 2020
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IFFCO TOKIO GEN. INS. COM. LTD Versus VILASBEN KIRTISINH THAKOR ========================================================== Appearance:

MS KIRTI S PATHAK for the PETITIONER(s) No. MR VISHAL C MEHTA for the RESPONDENT(s) No. RULE SERVED for the RESPONDENT(s) No. RULE UNSERVED for the RESPONDENT(s) No. ==========================================================

CORAM:HONOURABLE MR. JUSTICE A.G.URAIZEE

Date : 21/10/2021

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 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/639/2020 IA ORDER DATED: 21/10/2021

is deposited in the Tribunal. Learned advocate for the claimants urges 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.

4. Learned advocate for the Insurance Company submits that considering the legal issue involved in the appeal, remaining 70% may be invested in cumulative fixed deposit.

5. 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 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.

6. Accordingly, present Civil Application stands disposed 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