JUDGMENT

VERMA, J.:- This appeal by special leave is against the judgment dated January 7, 1981 in Writ Petition No. 1248 of 1977 of the Nagpur Bench of the Bombay High Court. The special leave has been confined only to the question of liability of the appellant, Life Insurance Corporation, to pay interest for the period after date of maturity of insurance policy, in case of delay in payment. Accordingly, this is the only question arising for decision in this appeal.

2. The writ petition in the High Court was filed by Smt. Kamalabai G. Ranade, the wife of Gangadhar . Vishwanath Ranade of Nagpur. The said G. V. Ranade took four policies on his own life from the Life Insurance Corporation of India (hereinafter referred to as "the L.I.C."G.) during the period 1958 to 1960. These policies were paid up and the particulars thereof including their paid up value payable on the date of maturity are as under:

Policy Number Sum assured Paid up value Date of Maturity

19620636 10,000.00 3415.70 14-9-72

13932229 3,500.00 1118.65 28-12-73

13969144 5,000.00 892.20 9-11-75

13972300 2,000.00 557.70 21-12-75

3. In April 1969 G. V. Ranade assigned absolutely all these four insurance policies in favour of