Shobha Gulhar vs Ram Pal

J.R. Midha, J.—Respondent No. 3 has deposited a sum of Rs. 5,21,845/-with UCO Bank in terms of the judgment dated 19th November, 2009.

The UCO Bank is directed to release a sum of Rs. 25,000/- to appellant No. 1, Rs. 25,000/- to appellant No. 2 and Rs. 21,845/- to appellant No. 3 by transferring the same to their respective Saving Bank Account.

The remaining amount of Rs. 4,50,000/- be kept in fixed deposit in the following manner:

(i) Fixed deposit for Rs. 1,00,000/- in the name of appellant No. 1 for a period of six months.

(ii) Fixed deposit for Rs. 50,000/- in the name of appellant No. 3 for a period of one year.

(iii) Fixed deposit for Rs. 50,000/- in the name of appellant No. 1 for a period of one and a half years.

(iv) Fixed deposit for Rs. 50,000/- in the name of appellant No. 3 for a period of two years.

(v) Fixed deposit for Rs. 50,000/- in the name of appellant No. 1 for a period of two and a half years.

(vi) Fixed deposit for Rs. 50,000/- in the name of appellant No. 3 for a period of three years.

(vii) Fixed deposit for Rs. 50,000/- in the name of appellant No. 1 for a period of three and a half years.

(viii) Fixed deposit for Rs. 50,000/- in the name of appellant No. 3 for a period of four years.

The interest on the aforesaid fixed deposits shall be paid monthly by automatic credit of interest in the Savings Account of appellants No. 1 and 3.

Withdrawal from the aforesaid account shall be permitted to appellants No. 1 and 3 after due verification and the Bank shall issue photo Identity Card to appellants No. 1 and 3 to facilitate identity.

No cheque book be issued to appellants No. 1 and 3 without the permission of this Court.

The Bank shall issue Fixed Deposit Pass Book instead of the FDRs to appellants No. 1 and 3 and the maturity amount of the FDRs be automatically credited to the Saving Bank Account of the beneficiary at the end of the FDR.

Mo loan, advance or withdrawal shall be allowed on the said fixed deposit receipts without the permission of this Court.

Half yearly statement of account be filed by the Bank in this Court.

On the request of appellants No. 1 and 3, the Bank shall transfer the Savings Account to any other branch according to the convenience of appellants No. 1 and 3.

The appellant Nos. 1 to 3 shall furnish all the relevant documents for opening of the Saving Bank Account and Fixed Deposit Account to Mr. M.M. Tandon, Member-Retail Team, UCO Bank Zonal, Parliament Street, New Delhi.

Appellants No. 1 and 3 submit that some more amount may be released to them as they have taken some loan for the marriage of appellant No. 2 and have also to make the payment in respect of purchase of some property. Let the relevant documents in this regard be produced before this Court on the next date of hearing when this Court will consider the modification of the above order.

It is pointed out that the special scheme for victims of road accidents has been formulated by UCO Bank and State Bank of India only. It is further pointed out that at times, the UCO Bank and the State Bank of India have no branch near the place of residence of the claimant and, therefore, the other Banks be also requested to formulate the special scheme so that the award amount can be permitted to be deposited in the Bank convenient to the claimants.

Let notice be issued to Indian Bank Association. Ms. Neena Gupta, Advocate present in Court accepts notice on behalf of Indian Banks Association.

Indian Bank Association shall take up the matter with all its member Banks for formulation of the special scheme. The minutes of the meeting or the acceptance of the Banks to such scheme be submitted to this Court along with names and addresses of the Nodal Officers of such Banks in Delhi. The Nodal Officer shall be responsible for implementation of the Scheme in Delhi.

List on 23rd March, 2010.

Copy of the order be given dasti to counsel for both the parties under the signatures of the Court Master.

Copy of this order be also sent to Mr. M.M. Tandon, Member-Retail Team, UCO Bank Zonal, Parliament Street, New Delhi (Mobile No. 09310356400) through the UCO Bank, High Court Branch under the signature of Court Master.

Copy of this order be given Dasti to Ms. Neena Gupta, counsel for Indian Banks Association under the signature of the Court Master. Copy of order dated 21st April, 2009 in MAC. APP. No. 130/2009 and the order passed by the Hon''ble Supreme Court in the case of Jai Prakash v. National Insurance Co. 1 (2010) ACC 1 (SC) be also given to learned Counsel for the Indian Bank Association.