1. In connection with the vehicular accident that took place on 15.03.1995 involving an ST Bus bearing registration No. GJ-1-Z-3442 and in which Tulsibhai Mohanbhai Savaliya expired, the heirs and legal representatives of deceased preferred M.A.C.P. No.319/1995 before the Motor Accident Claims Tribunal (Main), Rajkot claiming total compensation of Rs.5.00 Lacs. The said claim petition was allowed in part, by judgment and award dated 16.11.1999, whereby, the original claimants were awarded total compensation of Rs.2.53 Lacs along with interest at the rate of 15% per annum from the date of application till its realization with proportionate costs.
2. Ms. Vasavdatta Bhatt learned counsel for the appellant-Insurance Company fairly conceded that she would not be in a position to assail the impugned award on merits in view of the principle laid down by the Apex Court in the case of Sarla Verma v. Delhi Road Transport Corporation, (2009) 6 SCC 121. She, however, requested that the rate of interest awarded by the Tribunal is on the higher side and it may be reduced to around 08% per annum.
3. Heard learned counsel for the respective parties. Having gone through the impugned award, I find that the Tribunal has appreciated the evidence on record in its proper perspective and has awarded compensation, which is just, legal and appropriate and also in consonance with the law on the subject. In fact, if compensation is awarded by applying the principle rendered in Sarla Verma's case (supra), the total compensation would increase. However, in view of the admission made by learned counsel Ms. Bhatt, I am not discussing the impugned award in detail and accordingly, concur with the reasonings given by and the findings recorded by the Tribunal while awarding total compensation of Rs.2.53 Lacs.
4. However, so far as the rate of interest awarded by the Tribunal is concerned, I agree with the submission made on behalf of the appellant-Corporation that it is on the higher side and accordingly, reduce the rate of interest to 12% per annum in view of the prevailing economic situation.
5. For the foregoing reasons, the appeal is partly allowed. The impugned award is modified to the extent that the original claimants shall be entitled for total compensation, as has been awarded by the Tribunal but, with interest at the rate of 12% per annum instead of 15% per annum, to be calculated from the date of application till the same is realized, with proportionate costs. The impugned award stands modified to the above extent only. The appeal stands disposed of accordingly. No order as to costs.
[K. S. JHAVERI, J.] Pravin/*