AI Overview...
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Date of Calculating Interest - Interest is generally awarded from the date of impleading in the claim petition rather than from the date of initial petition filing. For example, the judgment directs that the insurer pay interest @ 7% from the date when the claim petition was impleaded, not from the petition's filing date New India Assurance Co. Ltd. VS Savitri Devi, W/o. Late Sh. Sita Ram - Rajasthan.
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Legal Precedents on Interest Calculation - Courts have consistently held that interest on compensation or liability should commence from the date of impleading or filing of the claim petition, not earlier dates such as the initial filing or other procedural dates New India Assurance Co. Ltd. VS Savitri Devi, W/o. Late Sh. Sita Ram - Rajasthan, Raj Kumar VS Anand Aggarwal Oils Pvt. Ltd. - Punjab and Haryana, New India Assurance Company Ltd VS Smith Raj V. S/o Ananthan - Kerala.
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Interest on Compensation - Courts often award interest from the date of the claim petition or the date of the tribunal's order, depending on the case specifics. For example, in motor accident claims, interest is awarded from the date of the claim petition or tribunal order, at rates like 6% or 9% per annum Raj Kumar VS Anand Aggarwal Oils Pvt. Ltd. - Punjab and Haryana, Sarvat Kochak VS National Insurance Co. Ltd. - Jammu and Kashmir.
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Implication for Practice - The consistent judicial stance emphasizes that the relevant date for calculating interest is the date when the claim is impleaded or filed, ensuring clarity and uniformity in awarding interest on claims and liabilities.
Analysis and Conclusion:
The prevailing legal position, supported by multiple judgments, is that interest on claims or liabilities is to be calculated from the date of impleading or filing the claim petition, not from the initial petition or other procedural dates. This approach ensures that interest accrues only after the claimant’s formal inclusion in the proceedings, aligning with principles of fairness and legal clarity.
Search Results for "Date of Calculating Interest is from the Date of Impleaded and Not the Date of Petition"
2024 0 Supreme(Raj) 620 • India - Rajasthan
NARENDRA SINGH DHADDHA
date it was impleaded in the claim petition, not from the initial filing date. ... liability for interest from the date of the claim petition. ... Issues: Whether the tribunal erred in calculating the deceased's income and in determining the insurance company's ... Accordingly, the Assurance Company is directed to pay interest @ 7% as per the judgment and award dated 17.09.2019 from the date when....
1971 0 Supreme(Mad) 576 • India - Madras
ISMAIL
However, in the present case, the appellant had not impleaded the respondents in the suit instituted by the vendee from the other ... However, in the present case, the appellant had not impleaded the respondents in the suit instituted by the vendee from the other ... of the appellate decree, not the date of the trial court decree. ... was decreed and calculating the period of limitation from that date, held that the suit was barred by limitation. .......
1994 0 Supreme(P&H) 117 • India - Punjab and Haryana
AMARJEET CHAUDHARY
The court also awarded interest on the compensation from the date of the claim petition. ... claimants, and the award of interest on the compensation from the date of the claim petition. ... The court also applied the appropriate multiplier and awarded interest on the compensation from the date of the claim petition. ... any interest on the amount of compensation which it ought to have granted from the da....
2017 0 Supreme(Mad) 3486 • India - Madras
S.MANIKUMAR, R.SURESH KUMAR
Final Decision: The writ petition was disposed of with directions for the refund of the auction amount with interest and payment ... The petitioner filed a writ petition seeking the mandamus. ... Issues: Non-compliance with Security Interest (Enforcement) Rules, 2002, physical possession not given by the bank, outstanding ... After calculating the interest, as on today, the respondents-Bank are directed to refund the amount of Rs.24,13,000/-, with interest....
• India - Consumer
S.M.KANTIKAR, DINESH SINGH
weeks of the pronouncement of this Order - The onus of calculating the correct and full amount and paying the same to the complainant ... Consumer Legal Aid Account of the State Commission, within four weeks - Failure in timely compliance shall attract higher / penal interest ... complainant within four weeks of pronouncement of this Order - The O.P /builder co. shall pay compensation to each complainant by way of interest ... The onus of calculating the correct and full interest and paying the same to....
2020 0 Supreme(Kar) 1608 • India - Karnataka
S.SUJATHA, E.S.INDIRESH
at 6% per annum from the date of the claim petition till its realization. ... court refers to various judgments to establish the right of legal representatives to apply for compensation and the method for calculating ... The insurance company was directed to deposit the reassessed total compensation with interest before the Tribunal within 90 days ... On appreciating the material evidence on record, the Tribunal allowed the petition in part awarding total compensation of Rs.75,000/- along with #HL_START....
2011 0 Supreme(All) 3483 • India - Allahabad
YATINDRA SINGH, S.C.AGRAWAL
It also determined the proper family dependency for calculating compensation and addressed the issue of the driver's license for ... It held that the claim petition cannot be dismissed on the ground that the driver or owner of the Jeep were not made parties. ... Issues: The issues included whether the claim petition could be dismissed for not including the driver or owner of the Jeep ... The claimants are further entitled to sum of Rs. 1,32,000 alongwith 6% per annum interest from the....
2022 Supreme(Online)(KER) 8920 • India - High Court of Kerala
at the rate of 12% per annum on the same amount from the date of petition till realization or payment. ... The High Court dismissed the petitioner's writ petition and partly allowed the 2nd respondent's writ petition, enhancing the back ... The petitioner challenged this order in the present writ petition. ... Before the Labour Court, at the instance of the 2nd respondent, the 3rd respondent herein, the Managing Partner, Muthoot Finance, Kollam was impleaded as additional second opposi....
2005 0 Supreme(J&K) 24 • India - Jammu and Kashmir
HAKIM IMTIYAZ HUSSAIN
The court also held that the claimants were entitled to interest on the compensation amount at 9% from the date of the tribunal's ... justified and that the claimants were entitled to interest on the compensation amount at 9% from the date of the tribunal's order ... The court also found the claimants entitled to interest on the compensation amount at 9% from the date of the tribunal's order until ... its reasons as to why it is not allowing the interest#HL_....
2020 0 Supreme(Ker) 257 • India - Kerala
ANIL K.NARENDRAN
at the rate of 8% per annum from the date of petition, i.e., 09.03.2016 till realisation, with proportionate costs. ... at the rate 8% per annum from the date of petition till realisation, with proportionate cost, and the appellant insurer was directed ... pendency of this appeal, the 5th respondent, the mother of the deceased died and her legal heirs, the siblings of the deceased, are impleaded ... Under various heads, the Tribunal awarded a total compensation of Rs. 57,16,800/- together with #HL_START....
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