Full Text
Date of Decision: 7th July, 2017
ORIENTAL INSURANCE CO LTD ..... Appellant
Through: Mr. Tarkeshwar Nath, Advocate with Mr. Onkar Nath
& Mr. Saurabh Kumar Tuteja, Advocates
Through: Mr. S.N. Parashar, Advocate for R-1.
JUDGMENT
1. The only ground pressed by the insurance company in this appeal is as to the rate of interest levied at 12% per annum while being fastened with the liability to pay the compensation determined on account of fault on the part of the driver of the insured vehicle leading to the injuries being suffered by the first respondent.
2. Indeed, no special grounds have been set out in the impugned judgment to fix such high rate of interest.
3. Following the consistent view taken by this court, the impugned award is modified. The compensation awarded by the impugned award shall be paid by the insurance company with interest @ 9% per 2017:DHC:3372 MAC Appeal No. 1075/2016 annum. [see judgment dated 22.02.2016 in MAC.APP. 165/2011 Oriental Insurance Co Ltd v. Sangeeta Devi & Ors.].
4. The Motor Accident Claims Tribunal (the tribunal) shall release from the deposit made the amount payable in terms of above modifications to the claimant refunding the excess to the insurance company.
5. The appeal stands disposed of in above terms.
6. The statutory amount, if deposited, shall also be refunded to the appellant insurance company. R.K.GAUBA, J. JULY 07, 2017 vk