Icici Lombard Insurance Co Ltd vs Lakhubhai Jivabhai Gohil
2021 Latest Caselaw 17029 Guj

    C/FA/2252/2021                               IA ORDER DATED: 28/10/2021




           IN THE HIGH COURT OF GUJARAT AT AHMEDABAD


               CIVIL APPLICATION (FOR STAY) NO. 1 of 2021
                    In R/FIRST APPEAL NO. 2252 of 2021
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ICICI LOMBARD INSURANCE CO LTD Versus LAKHUBHAI JIVABHAI GOHIL ========================================================== Appearance:

for the PETITIONER(s) No. MS KIRTI S PATHAK for the PETITIONER(s) No. KARTIK H BHATT for the RESPONDENT(s) No. MR.HIREN M MODI for the RESPONDENT(s) No. ==========================================================

CORAM:HONOURABLE MR. JUSTICE A.G.URAIZEE

Date : 28/10/2021 IA ORDER

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

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/2252/2021 IA ORDER DATED: 28/10/2021

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

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 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.

5. 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