A joint settlement agreement modifies the tribunal's award, emphasizing conditions for payment and consequences of non-compliance.

JUDGMENT

The appellant is the claimant in OP(MV) No.542 of 2017 on the file of the Motor Accidents Claims Tribunal, Taliparamba. The said claim petition was filed by the appellant claiming an amount of ₹8,00,000/- as compensation for the injuries sustained by him in a motor accident occurred on 13.04.2017. The tribunal awarded an amount of ₹3,20,900/- as compensation under different heads, directing the respondent insurer to deposit the said amount along with interest at the rate of 8% per annum from the date of filing the claim petition till realization. Being dissatisfied with the compensation awarded, the appellant has come up in appeal.

2. Today, when the matter came up for consideration, the learned counsel for the appellant as well as the learned Standing Counsel for the respondent insurer submitted that they have filed a joint settlement memo dated 05.01.2026, wherein it is stated that the claim of the appellant has been settled by the respondent insurer, agreeing to deposit a further amount of ₹55,000/- in full and final settlement of all claims, in the account of the appellant within a period of one month from the date of receipt of the account particulars and pan card details, failing which, the said amount will carry interest at the same rate stipulated in the award from the date of default. It is also stipulated that running of interest will stop in case the appellant/claimant fails to furnish the account particulars/pan card details within one month from the date of receipt of a certified copy of the judgment and it will restart from the date it is furnished.

3. In the light of the joint settlement memo filed by the parties, the impugned award is modified by directing the respondent insurer to deposit an amount of ₹55,000/- (Rupees fifty five thousand only) in full and final settlement of all claims, in the account of the appellant within a period of one month from the date of receipt of the account particulars and pan card details, failing which, the said amount will carry interest at the same rate stipulated in the award from the date of default. It is made clear that running of interest will stop in case the appellant/claimant fails to furnish the account particulars/pan card details within one month from the date of receipt of a certified copy of the judgment and it will restart from the date it is furnished. The appellant/claimant shall furnish copies of the PAN Card, AADHAAR Card and bank details before the respondent insurer within a period of one month from the date of receipt of a certified copy of this judgment so as to enable the insurance company to make the deposit as ordered above. In case of failure to furnish details as above, it shall be open for the insurance company to deposit the said amount before the tribunal. The appeal is disposed of, in terms of the joint settlement memo as above. The joint settlement memo will form part of the judgment.

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