Gujarat High Court
Royal Sundaram Alliance Insurance Co ... vs Jayantibhai Hemchandbhai Panchal & 3 on 23 June, 2014
Author: Jayant Patel
Bench: Jayant Patel, Z.K.Saiyed
C/CA/4132/2014 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
CIVIL APPLICATION (FOR STAY) NO. 4132 of 2014
In
FIRST APPEAL NO. 23 of 2014
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ROYAL SUNDARAM ALLIANCE INSURANCE CO LTD....Applicant(s)
Versus
JAYANTIBHAI HEMCHANDBHAI PANCHAL & 3....Respondent(s)
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Appearance:
MR DAKSHESH MEHTA, ADVOCATE for the Applicant(s) No. 1
MR.HIREN M MODI, ADVOCATE for the Respondent(s) No. 1 - 2
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CORAM: HONOURABLE MR.JUSTICE JAYANT PATEL
and
HONOURABLE MR.JUSTICE Z.K.SAIYED
Date : 23/06/2014
ORAL ORDER
(PER : HONOURABLE MR.JUSTICE JAYANT PATEL)
1. Rule. Mr.Modi, learned Counsel appears for the original claimants - the main contesting respondents and waives service of notice of Rule. The presence of other parties to the proceedings may not be required at this stage.
2. The present application is for interim injunction pending the First Appeal against the judgement Page 1 of 3 C/CA/4132/2014 ORDER and award passed by the Tribunal, which is impugned in the First Appeal.
3. Considering the facts and circumstances, there shall be interim injunction against the execution and implementation of the judgement and award passed by the Tribunal on the condition that the applicant deposits the entire awarded amount together with the cost and interest with the Tribunal within a period of six weeks from today.
4. We have heard the learned Counsel appearing for the appellant and for the original claimants on the aspect of withdrawal.
5. Considering the facts and circumstances, out of the amount, which may be deposited, 20% withdrawal shall be permitted to the original claimants and the remaining 80% of the amount shall be invested by the Tribunal in FDR(s) with a nationalized bank initially for a period of three years and such investment shall be renewed from time to time until the appeal is finally disposed of, but with the condition that the original claimants shall be entitled to the periodical interest on such investments from time Page 2 of 3 C/CA/4132/2014 ORDER to time. The original FDR(s) shall be retained by the Nazir Department of the Tribunal.
6. The application is allowed to the aforesaid extent. Rule made absolute accordingly.
(JAYANT PATEL, J.) (Z.K.SAIYED, J.) vinod Page 3 of 3