The Appellate Court allowed the appeal partly, reducing the interest rate from 12% to 9% as applicable in 1992. The award was modified accordingly, and the excess amount was ordered to be refunded to the appellant from the fixed deposit.
Interest reduced to 9%; award recalculated; excess amount to be refunded from fixed deposit.
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Court No. - 21
Case :- FIRST APPEAL FROM ORDER No. - 712 of 1992
Appellant :- New India Assurance Co.Ltd. Respondent :- Puttan Khan And Others Counsel for Appellant :- Rajeshji Verma,Shri Prakash Lal
Hon'ble Dr. Kaushal Jayendra Thaker,J.
By way of this appeal, appellant-New India Assurance Co. Ltd. has challenged the judgment and award dated 24.4.1992 passed by Motor Accident Claims Tribunal/Special Judge, Rampur in M.A.C. No.53 of 1991 awarding sum of Rs.1,29,000/- as compensation with interest at the rate of 12%.
Learned counsel for the appellant has stated that though there are many grounds taken in the appeal, he restricts his argument to the issue of interest only which according to learned counsel for the appellant would be 9%.
Learned counsel for the respondent has also preferred cross objection but has remained absent.
The cross objection is dismissed for want of prosecution.
As far as appeal of the Insurance Company is concerned, the interest is reduced to 9% as even in the year 1992, 9% should have been the rate of interest.
The amount of compensation awarded by the Tribunal shall be recalculated with fresh rate of interest. The amount if has to be refunded to the Insurance Company, will be refunded from the fixed deposit.
In view of the above, the appeal is partly allowed.
Judgment and award passed by the Tribunal shall stand modified to the aforesaid extent.
Order Date :- 21.12.2021 DKS
2 issues framed by the court
Whether the rate of interest awarded in the award dated 24.4.1992 should be reduced.
Whether the excess compensation awarded for the higher interest rate should be refunded.
1 provisions across 1 enactments
New India Assurance Co. Ltd.
Puttan Khan And Others
Kaushal Jayendra Thaker
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
