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2004 (1) TMI 602 - SC - Indian LawsWhether the insurer has to pay the compensation of ₹ 72,000/- awarded to the legal representatives of one Hasta Bahadur ('the deceased') who lost his life in a vehicular accident on 5.6.1987. The deceased was working as a Chowkidar of Hydel Project, Sikidri? Whether there could be any stipulation of penal rate of interest as done by the Tribunal and affirmed by the High Court? Held that:- The insurer cannot withhold the awarded amount indefinitely. In the circumstances, we direct that interest @ 9% per annum on the sum of ₹ 50,000/- which is the liability of the insurer; from the date of claim till 6.3.1998, be paid within a period of three months from today, if not already paid or deposited before the Tribunal/High Court. The appeal is allowed to the extent indicated, without any order as to costs.
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