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Asked January 30, 2019

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Sir, My brother died in Feb' 2002 in Road Motor accident, related MCOP case judgement came on 2008 with compensation of Rs.3,39,000/- with 9% compound interest; But Insurance company appealed in High court against order in the same year, But, in 2018 High court Verdict once again confirmed the lower Court order of compensation Rs.339000/- , BUT REVISION IN INTEREST RATE OF 7.5% COMPOUND INTEREST FROM PREVIOUS 9%. Sir, now my query is whether this revised Interest rate for onlycurrent year (present bank Repo rate period) or Throughout 16 years from the Date of case filling; My lawyer says for throughout 16 years, but another lawyer says " Bank interest rate will every year or half yearly or quarterly depending on RBI direction; But your amount was deposited in 2008 itself with 9% compound interest rate which was the prevailing bank rate in those period in Bank after Lower court Verdict; this amount accrued or multipled over the years with prevailing interest rates of each years; Your deposited amount is already multiplied, now you can't change the final figure; Only current year interest rate will be changed to 7.5% as per High court new order" that. Sir, I am very much confused now, which is correct? I spent a lot over the years with my time, work, patience & money, etc., If throughout the year is correct, is there any provision or option to appeal for regain previously ordered 9% interest rate? Is there any time limit for appealing? Should I appeal in High Court only or else can I appeal in Lower court itself where our previous order came? Please advice.. Thanks for your Noble support & Service. Regards,

Answer 1

The order of high court is required to be examined. If order permits then the revised rate will be applicable for entire period of 16 years. You have liberty to challenge the order of high court before larger bench or SC.

Agree Comment 0 Agrees almost 2 years ago

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