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Judgment
Due to Covid-19 protocol in force, the matter has been taken up by remote video conferencing mode.
Heard Mr. R. Ganguly, Assistant manager, Oriental Insurance Company Limited, the appellant herein and Mr. M. Talukdar, learned counsel for the
respondent nos. 1 to 4.
After negotiated settlement, the parties have agreed for total settlement amount of Rs.10,50,000/- (Rupees ten lakh fifty thousand only) as full and
final payment of all claims of the respondent nos. 1 to 4 in respect of MAC Case No. 94/2015, in which award has been passed on 30.06.2017 by the
learned Member, MACT Karimganj. The said amount shall be subject to adjustment of Rs.6,54,850/- (Rupees six lakh fifty four eight hundred fifty
only), deposited by the appellant before the Registry of this Court. Accordingly, the appellant and the respondent no. 1 have agreed that the appellant
deposit the balance settlement amount of Rs.3,95,150/- (Rupees three lakh ninety five thousand one hundred fifty only) before the Registry of this
Court within a period of 4 (four) weeks from today.
On such balance settlement amount being deposited, the Registry shall convert a sum of Rs.6,00,000/- (Rupees six lakh only) into 3 (three) fixed
deposit receipts in a nationalized bank in equal proportion of Rs.2,00,000/- (Rupees two lakh only) each in the name of respondent nos.2, 3 and 4 till
they attain majority and/or for a tenure of one year whichever is longer. The balance amount shall be released by the Registry to the respondent no.1
on being identified by her learned counsel.
In the event the settlement amount is not deposited within the time allowed, it would be open for the respondent nos. 1 to 4 to enforce the settlement
amount.
On such deposit being made, the Registry shall release the statutory deposit of Rs.25,000/- to the appellant.