HIGH COURT LEGAL SERVICES COMMITTEE, BENGALURU BEFORE THE LOK ADALAT IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 14TH DAY OF DECEMBER, 2019 CONCILIATORS PRESENT:
THE HON’BLE MR. JUSTICE SURAJ GOVINDARAJ & SRI A.K.BHAT, MEMBER BETWEEN:
M.F.A.No.3638/2014(MV) (Lok Adalat No.3754/2019) The Oriental Insurance Co. Ltd. DO-5, No.1, Shankar House RMV 2nd Stage Extension Mekhri Circle Bangalore – 560 080.
Rep: by its Regional Manager The Oriental Insurance Co. Ltd. Regional office No.44/45, Leo Shopping Complex Residency Road Cross Bengaluru – 560 025. ... Appellant (By Sri. Shankara Reddy.C, Advocate) AND:
1. Sri. Girish S/o Chikkegowda, Aged about 31 years R/at No.1925, Jyothi Nagar Bangalore East, Bangalore.
2. Ronald Colaco S/o Late FBL Colaco R/at No.31, Holly wood Town Sadahalli Post, Devanahalli Taluk Bangalore Rural District – 562 110. ... Respondents (BY Sri Vani.H, Advocate for R1; Notice R2 is d/w v/o dtd:13.01.2015) MFA FILED U/S 173(1) OF MV ACT AGAINST THE JUDGMENT AND AWARD DATED 18.02.2014 PASSED IN MVC NO.2410/2011 ON THE FILE OF THE CHIEF JUDGE, MEMBER, PRINCIPAL MACT, COURT OF SMALL CAUSES, BANGALORE, AWARDING COMPENSATION OF RS.11,40,762/- WITH INTEREST @ 6% P.A. FROM THE DATE OF PETITION AND IF THE COMPENSATION AMOUNT IS NOT PAID WITHIN TWO MONTHS FROM THE DATE OF ORDER THEN THE RATE OF INTEREST SHALL BE 9% P.A. TILL REALISATION.
THIS APPEAL COMING ON FOR CONCILIATION BEFORE LOK ADALAT, THE FOLLOWING CONCILIATION ORDER IS PASSED.
CONCILIATION ORDER This Miscellaneous First Appeal filed against the Judgment and Award passed by the above Tribunal having been referred to Lok Adalath by the Court coming on for settlement before Lok Adalat on 14.12.2019 in the presence of the Officers of the Oriental Insurance Company Limited and advocates appearing for the respective parties, for the reasons stated in the Conciliation Order.
2. The learned Counsel appearing for the Respondent No.1 - claimant and the learned Counsel appearing for the Appellant – Oriental Insurance Company Limited along with its representative are present.
3. After prolonged negotiations, the matter is settled. A joint memo signed by the learned advocate appearing for the respondent No.1 - claimant (being authorized by the respondent No.1 to sign) and the learned advocate appearing for the appellant – Insurance Company and its authorized officer is filed, which reads as under:
“The Appellant-ORIENTAL INSURANCE CO.
LTD., has agreed to pay and Respondents-claimants have agreed to receive a lump-sum of Rs.9,13,818/-(Rupees Nine Lakhs Thirteen Thousand Eight Hundred Eighteen only) instead of Rs.11,40,762/- with interest at 6% p.a., awarded by the Tribunal in full and final settlement of the claim.
The Appellant ORIENTAL INSURANCE CO. LTD., has agreed to deposit the balance amount of Rs.2,40,000/- after reducing the amount deposited before the Tribunal, within six weeks from the date of preparation of award failing which the said amount shall carry interest at 9% p.a. from the date of default, till the date of deposit. The parties are not entitled for any cost. The amount if any deposited before this Court shall be transferred to the Tribunal.”
4. The respondent No.1-claimant has agreed to receive and the appellant- insurance company has agreed to pay a lump-sum of Rs.9,13,818/- (Rupees Nine Lakhs Thirteen Thousand Eight Hundred and Eighteen only) instead of Rs.11,40,762/- with interest at 6% p.a. awarded by the Tribunal, in full and final settlement of the claim.
5. The Appellant-Insurance Company has agreed to deposit the balance amount of Rs.2,40,000/- after reducing the amount deposited before the Tribunal within six weeks from the date of preparation of award, failing which, the said amount shall carry interest at the rate of 9% P.A. from the date of default, till the date of deposit. The amount if any deposited before this Court shall be transferred to the Claims Tribunal.
6. Out of the modified compensation amount, 40% shall be kept in fixed deposit in any Nationalized/ Scheduled Bank in the name of respondent No.1 - claimant for a period of three years and he is entitled to withdraw the accrued interest periodically and remaining 60% shall be released in his favour, on proper identification.
7. This Miscellaneous First Appeal stands disposed of in terms of the Joint memo. The Judgment and Award of the Tribunal shall stand modified accordingly. Draw up the Award accordingly.
Sd/- JUDGE Sd/- MEMBER NR/-