Shriram General Insurnace Co Ltd v. Amrita Singh & ORS

$~55 * IN THE HIGH COURT OF DELHI AT NEW DELHI + MAC.APP. 786/2018 SHRIRAM GENERAL INSURNACE CO LTD ..... Appellant Through: Mr. Omesh Lochab, Adv.

versus AMRITA SINGH & ORS ..... Respondents Through: Mr. Rana Ranjit Singh, Adv. with Mr. Vivek Kumar Singh, Ms. Akanksha Singh, Mr. Keshav Chaturvedi, Advs.

CORAM:

HON'BLE MR. JUSTICE NAJMI WAZIRI

O R D E R

% 02.03.2020 CM APPL. 8494/2020 Exemption allowed, subject to all just exceptions. The application stands disposed-off.

CM APPL. 8493/2020 This application seeks release of monies in favour of the beneficiaries of the Award in view of their compelling circumstances. The claimants lost their 30 year old son in an unfortunate motor accident in the year 2012. The applicant-father is now 75 years of age. The widow has relinquished all her rights in favour of the father. The amount awarded was Rs. 77,74,898/- of which 40% has already been released. The remaining amount is Rs. 46,64,939/- plus interest thereon.

The learned counsel for the applicant submits that if the aforesaid amount is to be released in terms of scheme of disbursement as specified in the award, it would take approximately 74 years for the claimant to receive the monies because each of the FDRs is for Rs. 50,000/- per year and is to be released upon maturity. The applicant is already 75 years of age and does not foresee himself walking on this Earth for another 74 years. He would rather settle his affairs in the twilight years of his life, and make provisions for his descendents such as his surviving son and grand children. The learned counsel for the applicant submits that the said monies are required for construction of house for his son and grand children. Let an affidavit in this regard be filed that the aforesaid monies are meant for the aforstated purpose.

Accordingly, whenever construction work for the new house starts or for such other purpose which the claimant may desire, the monies shall be released to him for conducting the same, upon bills being presented to the satisfaction of the Registrar General of this Court.

The applicant desires to make his son-Mr. Baban Kumar Singh, his nominee in all FDRs in terms of the Modified Claims Tribunal Agreed Procedure as approved by this Court vide order dated 07.12.2018 in FAO No. 842/2003.

In view of the above, the banker concerned shall include the name of such person as the claimant/applicant may desire to nominate apropos the deposited monies.

The application is disposed-off in the above terms. NAJMI WAZIRI, J MARCH 02, 2020 kb