1. The present appeals arise out of the orders dated 20.02.2019 and 05.11.2019, passed by the National Consumer Disputes Redressal Commission, New Delhi (for short, `the NCDRC’) in Consumer Complaint No.48 of 2012 and Review Application No.278 of 2019 respectively.

2. The only point raised by the counsel for the appellant is the rate of interest awarded by the NCDRC. In para 11 of the impugned order, which is reproduced below, the NCDRC has ordered as follows:

“11.

For the reasons stated hereinabove, I hold that the complainant is entitled to a sum of Rs.1,52,47,793/- inclusive of the interim payment made to him, pursuant to an interim order of this Commission. The complaint is therefore, disposed of with the following directions:

(i) The insurer/OP shall pay a sum of Rs.1,52,47,793/- - Rs.1,14,00,000/- = Rs.38,47,793/-to the complainant. (ii) The OP shall pay interest @ 9% per annum to the complainant on the entire amount of Rs.1,52,47,793/- w.e.f. six months from the lodgment of the claim till the date on which the amount of Rs.1,14,00,000/- was paid to the complainant.

(iii) The OP shall pay interest @ 9% per annum to the Digitally signed by satish kumar yadav Date: 2024.04.13 12:43:25 IST Reason:

Signature Not Verified complainant on the balance amount of Rs.38,47,793/- w.e.f. the date on which payment of Rs.1,14,00,000/- was made till the date on which the balance payment in terms of this order is made.

(iv) The entire payment shall be made by the insurer directly to the bank with whom the stock had been hypothecated by the complainant. The insurer will work out the amount payable to each bank and disburse payment accordingly. If however, the complainant is able to satisfy the insurer that all the outstandings of the banks stand paid and nothing remains payable to them, the entire payment in terms of this order shall be made directly to the complainant.

(v) The payment in terms of this order shall be made within three months from today.”

3. As would be clear from the above-stated paragraph of the impugned order, the respondents were directed to pay interest @ 9% per annum to the appellant/complainant on the entire amount of Rs.1,52,47,793/- w.e.f. six months from the lodgment of the claim till the date on which the amount of Rs.1,14,00,000/- was paid to the appellant/complainant. Thereafter, the respondent-Insurance Company has been ordered to pay interest @ 9% p.a. to the appellant/complainant on the balance amount of Rs.38,47,793/- w.e.f. the date on which payment of Rs.1,14,00,000/- was made till the date on which the balance payment in terms of the order was made.

4. We are of the considered opinion that the order passed by the NCDRC is in consonance with the interest rates awarded by this Court in Kaushnuma Begum (Smt.) & Ors. vs. New India Assurance Co.Ltd. & Ors., (2001) 2 SCC 9 which was followed in Sri Venkateswara Syndicate vs. Oriental Insurance Company Ltd. & Anr., (2009) 8 SCC 507.

5. Learned counsel for the appellant argues that even if 9% rate of interest is justified, there is no justification for ordering the payment of interest with effect from six months from the lodgment of the claim.

6. In response, learned counsel for the respondents draws our attention to the operative part of the order passed in Sri Venkateswara Syndicate (supra) and points out that in the said case also, the interest was ordered from the date of assessment done by the Chartered Accountant, and not from the date of the claim.

7. After considering the rival submissions, we find that the interest, as ordered, and the date from which it is ordered, are proper and justified and the discretion thereon has been rightly exercised in the facts and circumstances of the present case.

8. In view of the above, we find no merit in these appeals, and the same are, accordingly, dismissed.

9. As a result, th