Court recognizes and enforces settlement agreements in compensation claims.

JUDGMENT

This appeal has been filed by the claimant in O.P(MV)

No.410/2015 on the file of the Motor Accidents Claims Tribunal, Kottayam, seeking enhancement of the compensation amount awarded by the tribunal.

2. When the matter came up for hearing today, the learned counsel for both sides submitted that the matter has been settled between the parties and the memorandum of agreement dated 12.03.2026 has been filed.

3. The memorandum of agreement agreement entered into between the parties is lawful and is therefore recorded. In view of the memorandum of agreement and the settlement arrived at by the parties, the respondent/ insurer offered to settle this appeal by paying an additional consolidated amount of ₹1,20,000/- (Rupees One Lakh Twenty Thousand only), inclusive of interest and costs, as agreed in the memorandum of agreement, towards full and final settlement of the claims advanced in this appeal within a period of two months from the date of receipt of this judgment, failing which, the respondent/insurer shall pay interest at the rate of 7% per annum from the date of default. The 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 memorandum of agreement, which do form part of this judgment.