A settlement arrived at before the Lok Adalat under the Legal Services Authorities Act, 1987, holds the force of a civil court decree, effectively disposing of the appeal based on the mutual agreement of the parties involved.

This case is taken up for settlement before the National Lok Adalat. Both the parties are present. Mr.D.Bhaskaran, learned counsel appearing for the appellant/insurance company and the learned counsel appearing for the respondents 1 to 5 are present. After mutual discussion, negotiation, mediation and conciliation between both parties, they arrived at a compromise to settle the matter as follows:

TERMS OF SETTLEMENT

The Tribunal awarded a sum of Rs.42,95,900/- as compensation, together with interest at the rate of 7.5% per annum from the date of the claim petition till the date of deposit.

2. Aggrieved by the said award, the appellant/Insurance Company has preferred the present appeal.

3. The claim arises out of a fatal accident. During the course of the proceedings, the parties have arrived at an amicable settlement. As per the terms of the compromise, they have agreed to modify the award by reducing the compensation to a sum of Rs.30,00,000/- (Rupees Thirty Lakhs only), together with interest at the rate of 7.5% per annum from the date of the claim petition till the date of deposit.

4.Accordingly, the appellant/Insurance Company is directed to deposit the modified compensation amount, together with interest at the rate of 7.5% per annum from the date of the petition till the date of payment, after deducting the amount already deposited, if any, within a period of eight weeks from the date of receipt of a copy of this order.

5. On such deposit, respondents 1 to 5/claimants 1 to 5 are permitted to withdraw their respective shares as apportioned by the Tribunal.

6. The Tribunal shall disburse the award amount to the parties concerned through RTGS/electronic transfer, on proper identification and in accordance with the terms of the award, without insisting upon the filing of any formal application.

7. The Civil Miscellaneous Appeal is disposed of in terms of the above settlement. The award is passed accordingly. Consequently, connected miscellaneous petitions, if any, closed.