NISHAR AHMED Vs. SHATRUGHAN YADAV

JUDGEMENT

(1.) Heard.

(2.) The applicant has preferred this revision petition against the impugned order dated 16-9-2004 by which the application for loan against the fixed deposit amount deposited in the name of the applicant as per instructions of the Claims Tribunal has been rejected.

(3.) The case of the applicant is that an award of Rs. 3,00,000.00 was passed in favour of the applicant by the Lok Adalat in mutual compromise and the sum of Rs. 75,000.00 was given to the Appellant in cash. However, the remaining amount was directed to be deposited in the fixed deposit account for a period of three years. An application was filed by the applicant that as per the bank rules, the applicant is entitled to obtain 75% of loan against the fixed deposit amount and therefore, a prayer was made that the applicant should be permitted to take loan of Rs. 1,50,000.00 against the fixed deposit amount but the same was rejected by the Claims Tribunal by the impugned order on the ground that the applicant is a income tax payee.