1 RRN, J
MACMA No.3480 of 2014
THE HON'BLE SRI JUSTICE NAMAVARAPU RAJESHWAR RAO
MACMA No. 3480 OF 2014
JUDGMENT:
Heard learned Counsel for the appellant/Insurance Company and learned counsel for the respondents/petitioners.
2. Aggrieved by the Order and decree dt.19.09.2002 in O.P No.1146 of 2001 passed by the Chairman, Motor Accidents Claims Tribunal-Cum-District Judge, Nizamabad, (for short "the Tribunal"), the Insurance Company preferred the present appeal seeking to set aside the above order and decree.
3. Vide the aforesaid order, the Tribunal has awarded an amount of Rs.5,36,500/- as against Rs.8,00,00/- claimed by the respondents/petitioners with proportionate costs and interest @9% per annum from the date of petition till the date of realization.
4. The only contention of the learned Counsel for the appellant is with regard to the interest awarded by the Tribunal and also non-compliance of provisions of Section 158(6) of the Motor Vehicles Act, 1988 and prayed this Court 2 RRN, J MACMA No.3480 of 2014 to reduce the rate of interest from 9% to either 6% or 7.5% p.a. Usually, the interest is being awarded @ 7.5% from the date of petition till the date of realization. As such, this Court is inclined to reduce the interest from 9% p.a. to 7.5% p.a.
5. Accordingly, the appeal is disposed of by reducing the interest portion from 9% p.a. to 7.5% p.a. from the date of petition till the date of realization. The rest of the award passed by the Tribunal holds good. There shall be no order as to costs.
As a sequel thereto, miscellaneous applications, if any, pending in this appeal, shall stand closed.
______________________________________ NAMAVARAPU RAJESHWAR RAO, J 7th day of February, 2023 BDR