Compensation claim intrest
Harsh
(Querist) 27 February 2016
This query is : Resolved
Greeting to teaM,
Is there uniform standard Critera in India set up by MACT Tribunal for deciding percentage of interest in compensation amount arising out of motor Accident. And does Intrest is compounded or not?Or there is no such standard fo deciding this.
Santosh Goswami,Advocate
(Expert) 28 February 2016
There is no fixed rules for that though there are certain guidelines to grant compensation. As far as interest is concerned it could be 8 percent, 12 or even 18 simple or compound depending upon the case. Lots of things are taken into consideration. But compound interest is rare.
9555462995
Rajendra K Goyal
(Expert) 28 February 2016
Academic query, state problem / facts if any.
Harsh
(Querist) 28 February 2016
Dear Sir. In Motor accident Compensation claim i filed. Accident occurred in May-2008.
Case Is decided six month back in District court court. I have claimed for My Mother and Father who was respectivelly 54,50 years old at the time of death.Court Mentioned " The opponents are liable to pay compensation of Rs.7,50,000/(including NFL to the petitioner with interest @ 9% p.a. from the date of petition till its realization.
So here not mentioned about Interest rate whether Compound or Simple, So what does it implies?
