1.0 This appeal is directed against the judgment and award dated 07.03.2000 passed by learned Motor Accident Claims Tribunal (Main), Junagadh in Motor Accident Claim Petition No.435 of 1988 wherein the Tribunal has awarded a sum of Rs.1,54,380/ along with interest at the rate of 9% per annum from the date of application till realization.
2.0 The claim petition arose in connection with an accident occurred on 23.7.1988 near Bhesan road by carrier rickshaw No.GTW 9335 in which the original claimants received injuries. They filed the aforesaid claim petition. During the pendency of the claim petition, they died and therefore, their legal heirs are brought on record. The Tribunal has passed the aforesaid award.
3.0 Heard the learned Advocate for the appellant and the main contention raised on behalf of the appellants is that the interest awarded at the rate of 9% is on lower side and it should have been 12%.
4.0 However, the appropriate rate of interest in the present case is 9% per annum in view of the ratio laid down in the decision of the Hon’ble Supreme Court in the case of S. Kaushnuma Begum and others V. the New India Insurance Co. Ltd. And others, reported in AIR 2001 SCC 485(1). Para 24 thereof reads as under:
“24. Now, we have to fix up the rate of interest. Section 171 of the MV Act empowers the Tribunal to direct that “in addition to the amount of compensation simple interest shall also be paid at such rate and from such date not earlier than the date of making the claim as may be specified in this behalf”. Earlier, 12% was found to be the reasonable rate of simple interest. With a change in economy and the policy of the Reserve Bank of India the interest rate has been lowered. The nationalized banks are now granting interest at the rate of 9% on fixed deposits for one year. We, therefore, direct that the compensation amount fixed herein before shall bear interest at the rate of 9% per annum from the date of the claim made by the appellants. The amount of Rs. 50,000/ paid by the Insurance Company under Section 140 shall be deducted from the principal amount on the date of its payment and interest would be recalculated on the balance amount of the principal sum from such date.”
5.0 Therefore in view of the aforesaid decision, I am of the opinion that the interest rate of 9% awarded by the leaned Tribunal on the amount of compensation is just and proper. The appellants have no case on the rate of interest. Learned Advocate for the appellant also could not assail the entire award on any count.
6.0 In the premises aforesaid, I do not find any merits in the appeal.
The same is therefore dismissed with no order as to costs.
(K.S.JHAVERI, J.) niru*