The Oriental Insurance Co Ltd v. Virender Thakur & ANR
$~22 *
IN THE HIGH COURT OF DELHI AT NEW DELHI
+ MAC.APP. 789/2015 & C.M.No.23512/2015 THE ORIENTAL INSURANCE CO LTD .....Appellant Through:
Mr. JPN Shahi, Advocate
Versus
VIRENDER THAKUR & ANR .....Respondents Through:
Mr. Manish Maini, Advocate for respondent No.1-claimant
CORAM:
HON'BLE MR. JUSTICE SUNIL GAUR
O R D E R
% 17.11.2016 Impugned Award of 17th August, 2015 grants compensation of `4,71,605/- with interest at the rate of 12% per annum to respondent No.1-claimant. While entertaining this appeal, it was directed that 50% of the amount be released to respondent No.1-claimant in terms of the impugned Award.
At the hearing, learned counsel for appellant submits that this appeal is confined to grant of interest @ 12% per annum instead of 9% per annum.
Learned counsel for contesting respondent No.1-claimant submits that in view of the decision of a co-ordinate Bench of this Court in HDFC Ergo General Insurance Co. Ltd. v. Smt. Lata Devi & Ors., (2015) SCC OnLine Del 6505, the interest payable is 9% per annum and the interest MAC.APP. 789/2015
component be accordingly reduced, but with a clarification that disposal of this appeal will not impact the appeal of respondent-claimant for enhancement, which is pending adjudication.
In view of the stand taken as aforesaid, this appeal is disposed of while reducing the rate of interest from 12% per annum to 9% per annum, but with a clarification that disposal of this appeal will have no bearing on the appeal filed by respondent-claimant for enhancement of compensation.
Impugned Award directs release of `71,605/- out of the total awarded amount of `4,71,605/- in favour of the respondent-claimant. 50% of the said amount has been already released to him. Let the remaining 50% of the amount be also released to him. The excess amount of interest deposited by appellant be refunded alongwith the statutory deposit of `25,000/-. With aforesaid direction, this appeal and the application are disposed of.
(SUNIL GAUR) JUDGE NOVEMBER 17, 2016 s MAC.APP. 789/2015