Magma Hdi General Ins Co Ltd vs Ishabhai Aamadbhai Manjaliya
2021 Latest Caselaw 14246 Guj

    C/FA/1878/2021                                      IA ORDER DATED: 16/09/2021




           IN THE HIGH COURT OF GUJARAT AT AHMEDABAD


               CIVIL APPLICATION (FOR STAY) NO. 1 of 2021
                    In R/FIRST APPEAL NO. 1878 of 2021
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MAGMA HDI GENERAL INS CO LTD Versus ISHABHAI AAMADBHAI MANJALIYA ========================================================== Appearance:

for the PETITIONER(s) No. MR RATHIN P RAVAL for the PETITIONER(s) No. NISHIT A BHALODI for the RESPONDENT(s) No. RULE NOT RECD BACK for the RESPONDENT(s) No. ==========================================================

CORAM:HONOURABLE MR. JUSTICE A.G.URAIZEE

Date : 16/09/2021

IA ORDER

Heard learned advocate for the applicant- Insurance Company and learned advocate for the respondents-claimants.

Learned advocate for the applicant submits that the amount of compensation along with interest and proportionate cost is deposited in the Tribunal, in compliance of order of this Court vide order dated 03.08.2021. He urges that usual disbursement order may be passed and stay may be confirmed till the final disposal of the appeal.

Learned advocate for the respondents-claimants confirms that the amount is deposited and urges that 30% amount may be released in favour of the claimants and rest of the 70% of amount shall be invested in non-cumulative Fixed Deposit.

In view of the above, the Tribunal is directed to release 30% of the deposited amount in favour of the claimants and invest rest of the 70% amount be deposited in a non-cumulative Fixed Deposit with any nationalised bank, initially for a period of 5 years and

C/FA/1878/2021 IA ORDER DATED: 16/09/2021

keep on renewing till the final disposal of the appeal. The accrued interest on the Fixed Deposit be released in favour of the applicants. The original receipts of the Fixed Deposit shall be retained in the custody of the Nazir of the concerned Tribunal.

The implementation, operation and execution of the impugned judgment and award, as granted earlier is confirmed till the final disposal of the appeal. Accordingly, civil application stands disposed of. Rule is made absolute.

(A.G.URAIZEE, J) Radhika