The main legal point established is the consideration of a student's academic achievements and future prospects in assessing compensation for loss of future earning, in line with legal precedents and guidelines from the Supreme Court.

JUDGMENT

Lisa Gill, J. - This judgment shall dispose of FAO No. 5351 of 2017 (Oriental Insurance Company Limited vs. Meenakshi and others) and FAO No. 6650 of 2017 (Meenakshi and another vs. Satwant Singh through LRs and others), which arise out of award dated 15.04.2017 passed by the learned Motor Accident Claims Tribunal, Hoshiarpur (hereinafter referred to as the 'Tribunal').

2. Both these appeals have been filed challenging the quantum of compensation awarded by the learned Tribunal on account of death of Apoorva Juneja.

3. FAO No. 6650 of 2017 has been filed by the claimants for enhancement of the compensation awarded by the learned Tribunal on account of death of Apoorva Juneja.

4. FAO No. 5351 of 2017 has been preferred by the insurance company seeking reduction of the compensation.

5. Brief facts necessary for adjudication of the case are that the claimants i.e. parents of the deceased filed a petition under Section 166 of the Motor Vehicles Act seeking compensation on account of death of Apoorva Juneja on 17.09.2015, in a motor vehicle accident, caused due to rash and negligent driving of the offending vehicle, i.e. Truck tipper bearing registration No. PB-08-BT-9437, by respondent No.5. It is pleaded that the deceased, 21 years old at the time of the accident, was a brilliant student having a very bright future.

6. Learned Tribunal on considering the evidence on record, facts and circumstances concluded that Apoorva Juneja died in the accident which took place on 17.09.2015 due to rash and negligent driving of the offending Truck bearing registration No. PB-08-BT-9437 by respondent No. 5. Learned Tribunal while assessing the income of the deceased to be Rs. 20,000/- per month awarded a sum of Rs. 21,91,000/- with interest at the rate of 7.5% per annum from the date of filing of the claim petition till date of actual realisation of the award. 50% deduction was effected. Multiplier of 18 was applied as the deceased was 21 years old at that time. Additionally, a sum of Rs. 6,000/- on account of loss of estate was awarded besides a sum of Rs. 25,000/- on account of funeral expenses.

7. Aggrieved of the quantum of compensation, the insurance company and the claimants have filed these appeals.

8. Learned counsel for the insurance company vehemently argues that the learned Tribunal has grossly erred in assessing income of the deceased to be Rs. 20,000/- per month. The same is contended to be highly excessive, keeping in view the fact that the deceased was merely a student at the time of the accident. It is further submitted that excessive compensation has also been awarded towards funeral expenses. It is, thus, submitted that the appeal filed by the insurance company be allowed and that of the claimant be dismissed.

9. Per contra, learned counsel for the claimants submits that meagre compensation has been awarded by the learned Tribunal. It should be much higher, keeping in view the fact that the deceased was a brilliant student having completed her B.Com, besides being proficient in the application of Tally and also having cleared the Licentiate examination from the Insurance Institute of India. It is submitted that increment towards future prospects has not been afforded. Moreover, compensation under the conventional heads should also be enhanced. Learned counsel further submits that learned Tribunal has fallen in error in directing that interest of 7.5% per annum on the awarded amount should be given only in case, the compensation amount is not deposited within three months. It is, thus, prayed, that the appeal filed by the claimants be allowed and that of the insurance company be dismissed.

10. I have heard learned counsel for the parties at length and have gone through the record with their able assistance.

11. It is a matter of record that the deceased was 21 years old at the time of the accident and lost her life