appllication of RBI rate of interest for MACT cases

V.V.RAMDAS (Querist) 22 March 2011 This query is : Resolved
Whether the RBI rate of interest is applicable to Motor Accident claim cases ?

Or

What will be rate of interest for Accident Compensation cases Passed by the Motor Accident claim Tribunals?

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Guest (Expert) 23 March 2011
normally the tribunal/court will award 9 % interest pending of the suit and 6% till realisation of decree/award amount. The interest act will give the power to impose the interest on the decree amount. The M.V. Act will also be followed on this aspect.

Chanchal Nag Chowdhury (Expert) 23 March 2011
The MACT can award interest upto the Bank Rate.

V.V.RAMDAS (Querist) 25 March 2011
Dear Ganesan,
Thanks for your answer.

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