UNITED INDIA INSURANCE CO LTD Vs. SHARDABEN

JUDGEMENT

(1.) BY way of filing this appeal, the appellant-insurance company has challenged the judgment and award dated 7

(2.) TH October 1996 passed by THe learned Motor Accident Claims Tribunal (Main) Bhavnagar in Motor Accident Claim Petition No.86 of 1996 whereby THe Tribunal was pleased to award THe compensation to THe claimants at Rs.4,36,000 along wiTH interest at THe rate of 15% per cent for annum from THe date of THe application till realisation.

(3.) THOUGH I am in agreement with the submission made by the learned counsel for the appellant on the interest part, but on the aspect of quantum, no case is made out for interference inasmuch as though 1/3 deduction is on higher side, the multiplier of 13 adopted is on lower side. Hence, no interference is called for. However, the Tribunal ought not to have granted interest more than 12% per annum. Hence, rate of interest awarded is reduced to 12% per annum from 15% and the penal interest awarded is set aside. The excess amount of 3% of interest will be refunded back to the appellant-insurance company if the same is deposited by the appellant with the Tribunal.