THE HON’BLE SRI JUSTICE C. PRAVEEN KUMAR M.A.C.M.A.No. 3954 of 2012 JUDGMENT:-
Pursuant to a settlement arrived at between the parties, the Lok Adalat, Hyderabad passed the following award on 09.07.2014:
1) Sri Rajendra Prasad, learned counsel for appellants and Sri Hari Preeth, learned counsel for respondents- claimants, are present. The matter has been settled amicably between the parties.
2) The respondents/claimants are agreed to receive reduced compensation amount of Rs.9,50,000/- with interest at 7.5% per annum from the date of petition till the date of realization against the awarded amount of Rs.10,00,000/- with interest at 8.5% per annum.
3) The appellants-Insurance Company is to deposit an amount of Rs.9,50,000/- (Rupees nine lakhs fifty thousand only) with interest @ 7.5% p.a. from the date of petition till the date of realization, within a period of two (02) months from the date of receipt of a copy of this award after giving due credit to the amount already deposited. In the event of default, the agreed amount shall carry interest at 12% per annum from the date of default.
4) The Respondents/Claimants are permitted to withdraw the amount as and when deposited by the Insurance Company.
5) The parties are informed that the court fee, if any, paid by any of them shall be refunded.
6) No orders as to the costs of appeal.
In view of the award dated 09.07.2014 passed by the Lok Adalat, Hyderabad, the Civil Miscellaneous Appeal is disposed of in terms of the award. Consequently, miscellaneous petitions, if any, pending in the appeal shall stand closed.
C. PRAVEEN KUMAR, J 24.09.2014 gkv