Heard learned advocate Mr. Maulik Shelat for the appellant-Insurance Company and learned advocate Mr.Chetankumar Shah for the respondents-original claimants through video conference.
ORDER IN FIRST APPEAL:
Admit. Learned advocate Mr.Chetankumar Shah waives service of notice of admission of appeal on behalf of the respondent nos.1 to 4.
ORDER IN CIVIL APPLICATION NO.2 of 2018:
Rule. Learned advocate Mr.Chetankumar Shah waives service of notice of rule on behalf of the Page 1 of 2 Downloaded on : Sat Aug 29 02:54:09 IST 2020 C/FA/2209/2019 ORDER respondent Nos.1 to 4.
Learned advocate Mr.Shelat, states that the applicant - insurance company has deposited the awarded amount before the Tribunal as per the order passed by this Court dated 10th May 2019.
The impugned judgment and award is stayed till final disposal of the appeal. The Claims Tribunal shall invest 70% of the amount in a cumulative fixed deposit receipt in a Nationalized Bank initially for a period of three years and renewable from time to time for similar period till final disposal of the appeal. The original FDR shall be retained in the custody of Nazir of the Tribunal. Remaining 30% of the amount shall be disbursed to the original claimants upon proper verification in the ratio as per order passed by the Claims Tribunal.
Rule is made absolute.
(BHARGAV D. KARIA, J) RAGHUNATH R NAIR Page 2 of 2 Downloaded on : Sat Aug 29 02:54:09 IST 2020