M/s Surendra Prasad Singh v. The Union Of India and Ors.
Case brief
What is this about?
The court held that 'bank rate' under the 2002 Regulations must be interpreted per Section 49 of the RBI Act 1934. Since the insurer paid interest at the notified RBI bank rate plus 2%, no further direction was issued, other than directing the insurer to provide the interest calculation chart within 30 days of the order.
What the court decided
IN THE HIGH COURT OF JUDICATURE AT PATNA Civil Writ Jurisdiction Case No.11083 of 2016
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M/s Surendra Prasad Singh, through its Partner Surendra Prasad Singh, Son of Late Ram Sagar Singh Resident of Mohalla - Sarvodaya Nagar, Police station-Town, District-Begusarai.
... ... Petitioner
- Versus
- The Union Of India through Secretary Ministry of Rural Development (Pradhan Mantri Gram Sandak Yojana), Government of India, New Delhi.
- The Chief Engineer, (EZ-II) Central Public Works Department, 6th Floor Pant Bhawan, Bailey Road, Patna.
- The Executive Engineer, Pradhan Mantri Gram Sandak Yojana Project Division, Muzaffarpur at Patna Central Division-II, C.P.W.D., Pant Bhawan Bailey Road, Patna.
- The Executive Engineer, Pradhan Mantri Gram Sandak Yojana Project Division, Darbhanga, C.P.W.D., 6th Floor Pant Bhawan, Bailey Road, Patna.
- The Executive Engineer, Pradhan Mantri Gram Sandak Yojana Project Division, Samastipur, C.P.W.D., 6th Floor Pant Bhawan, Bailey Road, Patna.
Issues for consideration
2 issues framed by the court
Whether the term 'bank rate' under the Insurance Regulation and Development Authority (Protection of Policy Holders Interest) Regulation, 2002 refers to the rate fixed by RBI under Section 49 of RBI A
Whether the Insurance Company was required to pay additional interest on the claimed amount beyond the note so paid.
Parties & counsel
- petitioner
M/s Surendra Prasad Singh
- respondent
The Union Of India
- respondent
Chief Engineer, Central Public Works Department
- respondent
Executive Engineer, Pradhan Mantri Gram Sandak Yojana Project Division
- respondent
United India Insurance Company Ltd.
Case details
As recorded by the court registry
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