Iffco Tokio General Insurance ... vs Mamad Husen Jat
2021 Latest Caselaw 16932 Guj

     C/FA/1682/2021                              IA ORDER DATED: 27/10/2021




            IN THE HIGH COURT OF GUJARAT AT AHMEDABAD


                CIVIL APPLICATION (FOR STAY) NO. 1 of 2021
                     In R/FIRST APPEAL NO. 1682 of 2021
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IFFCO TOKIO GENERAL INSURANCE COMPANY Versus MAMAD HUSEN JAT ========================================================== Appearance:

for the PETITIONER(s) No. MR KRUNAL R SAKSENA for the PETITIONER(s) No. MR. HEMAL SHAH for the RESPONDENT(s) No. MR.KRUTIK A PARIKH for the RESPONDENT(s) No. RULE SERVED for the RESPONDENT(s) No. ==========================================================

CORAM:HONOURABLE MR. JUSTICE A.G.URAIZEE

Date : 27/10/2021 IA ORDER

1. Heard learned advocates for the respective parties.

2. Learned advocate for the Insurance Company submits that the awarded amount of compensation along with interest and costs is deposited in the Tribunal in compliance of the order of this Court. He, therefore, submits that necessary order for disbursement may be made 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 is deposited in the Tribunal. He urges that 30% amount maybe disbursed in favour of the claimants and remaining 70% amount of compensation

C/FA/1682/2021 IA ORDER DATED: 27/10/2021

may be invested in non-cumulative fixed deposit receipt in any nationalized bank.

3. 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 renew the same periodically till final disposal of the appeal and the receipt to be kept in the custody of Nazir. Periodical interest accrued on FD be released in favour of claimants.

4. Accordingly, 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) ALI