Shriram General Insurance Co. ... vs Patel (Chaudhary) Revabhai ...
2021 Latest Caselaw 16832 Guj

     C/FA/2174/2021                               IA ORDER DATED: 26/10/2021




            IN THE HIGH COURT OF GUJARAT AT AHMEDABAD


                CIVIL APPLICATION (FOR STAY) NO. 1 of 2021
                     In R/FIRST APPEAL NO. 2174 of 2021
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SHRIRAM GENERAL INSURANCE CO. LTD.

Versus PATEL (CHAUDHARY) REVABHAI MADHABHAI ========================================================== Appearance:

for the PETITIONER(s) No. MR RATHIN P RAVAL for the PETITIONER(s) No. MR.HIREN M MODI for the RESPONDENT(s) No. RULE NOT RECD BACK for the RESPONDENT(s) No. ==========================================================

CORAM:HONOURABLE MR. JUSTICE A.G.URAIZEE

Date : 26/10/2021

IA ORDER

1. Heard learned advocate for the applicant and learned advocate for the claimants. Rule is not received back qua respondent Nos. 3 and 4. However, their presence is not necessary for the purpose of disposal of present application.

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.

C/FA/2174/2021 IA ORDER DATED: 26/10/2021

3. Learned advocate for the claimants confirms that amount of compensation awarded by the learned Tribunal 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. Periodical interest accrued on FD be released in favour of claimants.

5. 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