Supreme Court of India
The Oriental Insurance Co. Ltd. v. Niru @ Niharika & Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the opinion that 9% interest rate granted by the Tribunal is perfectly in order especially noticing the accident having occurred in the year 1995.
Judgment, page 5
From the headnote
Issue for Consideration Whether any interference is required in the multiplier adopted by the Tribunal and affirmed by the High Court; Whether the 9% interest rate granted by the Tribunal is perfectly in order. Headnotes† Motor Vehicle Accident claim – Victim-deceased collided with a truck in the year 1995 – Victim died – Deceased was working as an Engineer with the Brtish Telecom and was paid in pounds – The wife and two minor children of the deceased sought compensation – Tribunal found the driver of the truck negligent – The income stood proved and the Tribunal adopted a multiplier of 13
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