ORIENTAL INSURANCE CO. LTD. Vs. DARIYADEVI OMPRAKASH

JUDGEMENT

(1.) It is brought to the notice of the Court that pursuant to the order passed by this Court, the Insurance Company has deposited the entire awarded amount before the concerned Tribunal.

(2.) In view of the above, the interim relief granted earlier stands confirmed. Out of the amount so deposited by the Insurance Company, 70% of the amount be invested in a Fixed Deposit with any nationalized Bank, initially, for a period of two years, (which shall be renewed from time to time) without any reference to this Court, or till the final disposal of the First Appeal, whichever is earlier. Interest accruing on such Fixed Deposit shall be accumulated. Insofar as the remaining 30% amount is concerned, the same shall be disbursed in favour of the original claimant(s), after proper verification. Orders regarding disbursement of the Fixed Deposit Receipt with accumulated interest shall be passed at the time of final disposal of the First Appeal. The original Fixed Deposit Receipt shall be kept in the custody of the Nazir of the Court/Tribunal. No any advance, loan or encashment against the Fixed Deposit(s) be permitted by anyone.

(3.) The application stands disposed of accordingly. Rule is made absolute to the aforesaid extent.