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National Insurance Co Ltd vs Yad Ram & Ors on 28 March, 2023 cites

Abati Bezbaruah vs Dy. Director General Geological Survey ... on 14 February, 2003

18. Three decisions were cited before us by Mr A.P. Mohanty, learned counsel appearing on behalf of the appellant, in support of his contentions. No ratio has been laid down in any of the decisions in regard to the rate of interest and the rate of interest was awarded on the amount of compensation as a matter of judicial discretion. The rate of interest must be just and reasonable depending upon the facts and circumstances of each case and taking all relevant factors including inflation, change of economy, policy being adopted by Reserve Bank of India from time to time, how long the case is pending, permanent injuries suffered by the victim, enormity of suffering, loss of future income, loss of enjoyment of life etc., into consideration. No rate of interest is fixed under Section 171 of the Motor Vehicles Act, 1988. Varying rates of interest are being awarded by Tribunals, High Courts and the Supreme Court. Interest can be granted even if a claimant does not specifically plead for the same as it is consequential in the eye of law. Interest is compensation for forbearance or detention of money and that interest being awarded to a party only for being kept out of the money which ought to have been paid to him. No principle could be deduced nor can any rate of interest be fixed to have a general application in motor accident claim cases having regard to the nature of provision under Section 171 giving discretion to the Tribunal in such matter. In other matters, awarding of interest depends upon the statutory provisions, mercantile usage and doctrine of equity. Neither Section Signature Not Verified Digitally Signed MAC.APP. 526/2018 Page 21 of 31 By:GARIMA MADAN Signing Date:28.03.2023 15:28:10 Neutral Citation No. 2023:DHC:2194 34 CPC nor Section 4-A(3) of the Workmen's Compensation Act are applicable in the matter of fixing rate of interest in a claim under the Motor Vehicles Act. The courts have awarded the interest at different rates depending upon the facts and circumstances of each case. Therefore, in my opinion, there cannot be any hard-and- fast rule in awarding interest and the award of interest is solely on the discretion of the Tribunal or the High Court as indicated above."
Supreme Court of India Cites 6 - Cited by 539 - S B Sinha - Full Document

Benson George vs Reliance General Insurance Co. Ltd. on 25 February, 2022

However, I also find that in some of its recent decisions i.e., Sidram vs The Divisional Manager, United India Insurance Co. Ltd. (2023) 3 SCC 439, Benson George (supra), Kausalya Bhoi vs Divisional Manager, Oriental Insurance Co. Ltd. & Anr. (2022) SCC Online SC 646, awarded interest @ 6% p.a. There is yet another line of cases of the Apex Court in the recent past i.e., Sarup Singh @ Ram Saru vs. HDFC Ergo General Insurance Co Ltd. (2023) 1 SCC 159, Divya vs. The National Insurance Co. Ltd. & Anr. (2022) SCC Online SC 1488, Velayudhan vs. National Insurance Co. Ltd & Anr (2022) SCC Online SC 1168, wherein interest has been granted @7.5% p.a., thus re-affirming the principle that no uniform rate of interest can be laid down under the MV Act. In the light of the aforesaid and taking into account the facts of the present case as noted hereinabove, I am of the Signature Not Verified Digitally Signed MAC.APP. 526/2018 Page 29 of 31 By:GARIMA MADAN Signing Date:28.03.2023 15:28:10 Neutral Citation No. 2023:DHC:2194 considered view that the claimants are entitled to receive interest @7.5% p.a. from the date of filing of the claim petition to the date of realization.
Supreme Court of India Cites 3 - Cited by 18 - M R Shah - Full Document

Managing Director, Karnataka Power ... vs Geetha on 5 November, 1986

27. Learned counsel for the appellant has vehemently relied on the decision of the Karnataka High Court in Managing Director Karnataka Power Corporation (supra) to urge that interest on compensation under the Motor Vehicles Act is not by way of damages and therefore only nominal interest should be awarded by keeping in mind that this compensation comprises of two components, one being for the damage already done and the other by way of future earning or loss of dependency which is being paid in advance. In my considered view, while there can be no dispute with the fact that the compensation comprises not only of damages for losses already suffered by the claimants but also for loss which he/she may suffer in the future on account of the accident. However, this only implies that interest should be awarded by the Tribunal by taking into consideration all relevant factors.
Karnataka High Court Cites 8 - Cited by 19 - M N Venkatachaliah - Full Document

Kirti vs Oriental Insurance Company Limited on 5 January, 2021

30. In the backdrop of the aforesaid facts and taking into account that compensation awarded to the claimants comprises of not only the damages already suffered by them but also by way of advance payment towards the loss they would suffer in the future on account of the accident, I am of the considered view that the grant of interest @ 9% p.a. by the learned Tribunal was on the higher side. No doubt the Apex Court, has in some of its recent decisions, awarded interest @9% p.a. as in Kirti (supra) and in Rahul Sharma(supra), and has also awarded interest @ 12% p.a. in Satinder Kaur (supra), those cases pertained to accidents which took place many years ago when even the bank rate of interest on FDRs was much higher. Furthermore, in those cases the matters had remained pending adjudication for many years.
Supreme Court of India Cites 23 - Cited by 112 - S Kant - Full Document

United India Insurance Co. Ltd. vs Satinder Kaur @ Satwinder Kaur And Ors. on 30 June, 2020

30. In the backdrop of the aforesaid facts and taking into account that compensation awarded to the claimants comprises of not only the damages already suffered by them but also by way of advance payment towards the loss they would suffer in the future on account of the accident, I am of the considered view that the grant of interest @ 9% p.a. by the learned Tribunal was on the higher side. No doubt the Apex Court, has in some of its recent decisions, awarded interest @9% p.a. as in Kirti (supra) and in Rahul Sharma(supra), and has also awarded interest @ 12% p.a. in Satinder Kaur (supra), those cases pertained to accidents which took place many years ago when even the bank rate of interest on FDRs was much higher. Furthermore, in those cases the matters had remained pending adjudication for many years.
Supreme Court of India Cites 16 - Cited by 1453 - I Malhotra - Full Document
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