MADUKURINA H PATEL Vs. NATIONAL INSURANCE COMPANY LIMITED

JUDGEMENT

(1.) THE petitioners herein- respondents 1 and 2 in C.M.A. No.1106 of 1997 filed the above petition under Sec.151 of the Code of Civil Procedure seeking direction to ensure that the claimants are not deprived of the benefit of interest on the sum of Rs.7,36,620 lying to the credit of M.C.O.P. No.375 of 1995, Chief Judge, Court of Small Causes, Madras.

(2.) IN the affidavit filed in support of the above petition it is stated that by order dated 29.8.2001 this Court dismissed the appeal, i.e., C.M.A. No.1106 of 1997 filed by the National INsurance Company. The only modification made by the Division Bench in the award of the Motor Accident Claims Tribunal, is that it has reduced the rate of interest to 9% from 12%. The petitioners are entitled to withdraw the amount as per the orders of this Court dated 29.8.2001. Accordingly, their counsel made enquiries and found that a sum of Rs.7,36.260 was laying to the credit of M.C.O.P. No.375 of 1995 on the file of Chief Judge, Court of Small Causes, Chennai, without being invested in any one of the Nationalised Bank. It is further stated that by order dated 8.1.1999, this Court permitted the petitioners to withdraw 50% of the amount deposited by the INsurance Company to the extent of Rs.6,04,549 out of Rs.13,40,809 as per orders in C.M.P. Nos.1131 of 1997 and 5875 of 1998. While permitting the petitioners to withdraw 50% of the award amount, this Court directed investment of the balance award amount in any one of the Nationalised Bank, so that the petitioners may get the benefit of accrual, in the event of success in the appeal. However, the petitioners were informed that a sum of Rs.7,36,260 lying to the credit of M.C.O.P. No.375 of 1995 has remained uninvested and idle. Accordingly, to ensure that the claimants do not lose to the benefit of interest, they filed the present petition for suitable direction from this Court.