1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION CIVIL APPLICATION NO.1710 OF 2010 IN FIRST APPEAL NO.1016 OF 2009 Shri.Uttam Chandrakant Bankar .. Applicant V/s The New India Insurance Co.Ltd. & Anr. .. Respondents Mr.Pankaj Deokar i/by Mr.R.S.Kate for the Applicant. Mr.R.B.Tripathi i/by Mr.S.M.Vidyarthi for Res.No.1. Mr.Dilip Bodake for Res.No.2. CORAM : R.G.KETKAR, J. DATE : 15th June, 2010 P.C. : 1. This application is for withdrawal of the amount deposited by the Respondent No.1 – The New India Insurance Company Limited. Heard the learned Counsel for the parties. By the judgment and award dated 18th May, 2006, the learned Member of the M.A.C.T.Pandharpur directed the Respondent No.1 herein to pay compensation of Rs.4,25,000/- together with interest at the rate of 6% p.a.from the date of the petition i.e.8.2.2005 till the payment is made. 2. The learned counsel for Respondent No.1 states that pursuant to the impugned judgment and award, the Respondent No.1 has deposited Rs. 4.77191/- before the learned Tribunal. The learned counsel for the Applicant states that, out of that amount, the Applicant has already withdrawn Rs.1,50,000/- . Now the learned counsel for the Applicant prays that out of the balance amount, the Applicant may be permitted to withdraw Rs.80,000/- on the condition of applicant furnishing a Bank 2 Guarantee of a nationalised Bank, and the remaining balance amount may be directed to be invested in a fixed deposit. 3. After hearing the learned counsel for the parites, Civil Application is disposed of in the following terms:- (1) Applicant is permitted to withdraw Rs.80,000/- on furnishing a Bank Guarantee of a nationalised Bank. (2) Balance amount shall be invested in a Fixed Deposits of a nationalised Bank, initially for a period of three years and shall be renewed thereafter during the pendency of the appeal. 4. Civil Application stands disposed of in the aforesaid terms, with no order as to costs. (R.G.KETKAR, J.)