Court : Delhi
Reported in : AIR2009Delhi173
..... the aforesaid letter of the respondent vide letter dated 26.03.1981 (ex p-13) stating that the rates indicated were for transits insurance and noting that the stocks may be stored at the godown or at the ports for a maximum period of 45 days ..... no risk to be assumed unless premium is received in advance -1) no insurer shall assume any risk in india in respect of any insurance business on which premium is not ordinarily payable outside india unless and until the premium payable is received by him or is guaranteed to be paid by such person in such manner and within such time as may be prescribed or unless and until deposit of such amount as may be prescribed, is made in advance in ..... we express our anguish at the fact that so much of judicial time has been taken in a fight between an insurance company of the government and a public sector corporation which ought to have been settled between the parties. ..... a.k.mukherjee is the principal officer of the plaintiff and duly authorized to institute the suit and sign and verify the plaint on behalf ..... lying in the court in the interregnum period in the fdr along with interest accrued thereon was released to the respondent.34. ..... found all the issues in favour of the respondent and on the basis of the extent of coverage, decreed the suit with interest.22. ..... 1,38,39,684/- along with interest at the rate of 12 per cent per annum from the date of institution of the ..... with interest till the date of filing of the suit along with claim for future interest. .....
Tag this Judgment!Court : Delhi
Reported in : II(1987)ACC358
..... i, thereforee, hold that when the accident was caused and the deceased was run over by the bus he was not a 'passenger' of the bus and, thereforee, the insurance company cannot claim limited liability under section 95(2)(b)(ii)(4). ..... if any amount by way of compensation has been paid the insurance company shall be entitled to the credit to the extent of the said amount as well as the interest on it. ..... the provision of section 95(2)(b) (ii)(4) is a special provision where number of passengers traveling in a bus suffer injury because of the rash and negligent driving by the vehicle driver, such as hitting against an opposite vehicle or an electrical pole or falling into a ditch. ..... i have no hesitation in holding that the insurance company is liable on the principle of a third party liability and its liability is unlimited in the present case.6. ..... the premium of the heavy vehicles is fixed by the insurance company on the basis of the number of passengers to be carried. ..... the theory of the respondents that the deceased jumped out of the bus and suffered injury because of the fall has been rejected by the tribunal, as no evidence was furnished by the respondents. ..... they are also entitled to simple interest @ 9% per annum from the date of the application till the date of the payment.4. ..... 96,000/-together with simple interest @ 9% per annum from the date of the application till the date of payment within three months from today. .....
Tag this Judgment!Court : Delhi
Reported in : II(1989)ACC1
..... an important question of law arising for decision in this appeal is whether the insurance company with which the offending vehicle is insured is liable to pay penalty and additional interest awarded and the penalty imposed by the commissioner under section 4-a(3) of the workmen's compensation act, 1923. ..... it cannot be held that compensation is payable by the insurance company and special interest and penalty should be paid by the employer under the workmen's compensation act. ..... the award is challenged by the insurance company submitting that special interest and penalty imposed under section 4-a(3) of the work men's compensation act cannot be recovered from the insurance company and their liability is limited only to the amount of compensation. ..... casting a negative burden on the insurance company to exclude itself from liability to pay interest and penalty is not warranted by the provisions of insurance of vehicles under the motor vehicles act or under the general law of insurance. ..... the learned judge has held that the word 'liability' used in section 95 covers liability to pay special interest and penalty and if the insurance company wants to avoid such liability, it should provide for such a term in the contract of insurance. ..... but, beyond the principal liability the matter is left to the contract between the insurance company and the owner of the vehicle. .....
Tag this Judgment!Court : Delhi
Reported in : I(1995)ACC564; 1996ACJ687; 1995IAD(Delhi)882; 1995(32)DRJ281
..... malhotra both counsel have further pointed out this provision of law is also reflected in the insurance policy and it contains a term to the effect that the insurer will repay to the company sums paid by the company which the company would not have a legal liability to pay ..... we, thereforee, hold that apart from the damages the appellants are entitled to claim interest at the rate of 12 per cent per annum instead of 6 per cent awarded by the tribunal ..... the learned counsel for the appellants/claimants, however, has contended that the interest should have been awarded at the rate of 12 per cent per annum from the date of application till realisation ..... (2) it has been pleaded in the petition that the deceased was enjoying good health and a senior position and if he had not died in the accident he would have lived a long life and would have also become principal in the same school where he was working. ..... '(20) in view of the settled position of law and the facts and circumstances of the present case i hold that apart from the awarded amount the appellants/claimants are entitled to claim interest at the rate of 12 per cent per annum from the date of application till realisation ..... the point of interest has also been referred in the judgment of the supreme court in hardeo kaur and others (supra) and paragraph 12 may be cited in this regard: 'the tribunal has awarded interest at the rate of 6 per cent per annum from the date of filing of the application before the tribunal till the date of .....
Tag this Judgment!Court : Delhi
Reported in : 1(1992)ACC655
..... this section read with proviso (b) means that the company will indemnify the insured against all sums including claimants costs and expenses which the insurer shall become liable to pay in respect of death or of bodily injury to any person caused by or arising out of the use of the motor vehicle except so far as is necessary to meet the requirements of section 95 of the motor vehicles ..... on behalf of respondents 7 and 8 who are the driver and owner of the offending vehicle, it is argued that same lawyer as that of the insurance company was representing them before the tribunal and the officials of the company did not allow respondents 7 and 8 to pursue their case independently so that material prejudice had been caused ..... 2,38,000 will be paid by respondents 7 and 8 jointly and severally to respondents 1 to 6 within 3 months, failing which, they shall also be liable to pay interest on this amount at the rate of 10% per annum from the date of the award ..... proportionate costs in the names of the to spective claimants within 45 days failing which, it was also made liable to pay interest at 10% per annum on the unpaid amount till realisation of the awarded amount. ..... objections, it is pleaded by respondents 1 to 6 that in case the plea of the appellant regarding limited liability is accepted, the balance of the awarded amount with interest should be ordered to be recovered from respondents 7 and 8 jointly and severally.2. ..... should have been vigilant in watching their own interest in any case. .....
Tag this Judgment!Court : Delhi
Reported in : III(2006)ACC261; 2007ACJ2010
..... the order sheet also shows that cost of rs.500/- was imposed on the insurance company vide order dated 1.11.2003 and thereafter some other witnesses were permitted to be examined by the said respondent.37 ..... the dependants will be entitled to interest but shall not withdraw the principal amount during the lock-in period of six without permission of the ..... damages, for while the former is necessarily concerned solely with pecuniary losses 'notably accrued loss of earnings and out-of-pocket expenses' the latter comprises not only non-pecuniary losses but also prospective loss of earnings and other future pecuniary damage.as to awards for non-pecuniary losses, the learned authors say :non-pecuniary losses are different from pecuniary losses in that the restitution in integrum objective cannot be applied ..... keeping in view all these aspects, i feel that the appellants are entitled to interest for the entire period during which the proceedings had remained pending at the rate of 7-1/2% per ..... learned tribunal had directed payment of interest for only 4 years at the rate of 6% per annum from the date of filing of the petition till the award and in case payment was not made within 30 days further interest @6% from the date of award till ..... hari krishnan, the respondent no.2 and was insured with national insurance company ltd, the respondent no.3 ..... india under section 48 of the income tax act,1961 with base year as 1981-82 (= 100), the index was 172 in 1989-90 and 331 in the financial year 1997-98. .....
Tag this Judgment!Court : Delhi
..... the preamble of the i rda states that it is an 'act to provide for the establishment of an authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto and further to amend the insurance act, 1938, the life insurance corporation act, 1956 and the general insurance business (nationalisation) act, 1972.'28. ..... under section 14(2)(b) irda act, its powers and functions include:(b) protection of the interests of the policy-holders in matters concerning assigning of policy, nomination by policy-holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance30. ..... given the scope and functions of the appellate authority, which is co-terminus with that of the irda, these directions could not be said to be illegal or ultra vires the powers of the appellate authority under the insurance act.validity of impugned orders41 .the principal challenge in this petition is to the validity of the impugned order dated 20th june 2007 of the appellate authority by which the petitioner has been asked to settle the claim of the respondent no. ..... 3 had not filed income-tax or sales tax returns related to the red sanders wood since its export was banned during that period and there were no earnings on that score. ..... commissioner of tax : jt 1990 (4) sc 346 and cit, mp, bhopal v. .....
Tag this Judgment!Court : Delhi
..... sustained, it would mean that one of the two secured creditors would be fully compensated in terms of the principal and interest (total outstanding) while the other secured creditor would be left to take all the hit insofar as the ..... like against any of the properties of the industrial company or for the appointment of a receiver in respect thereof and no suit for the recovery of money or for the enforcement of any security against the industrial company or of any guarantee in respect of any loans, or advance granted to the industrial company shall ..... under implementation or where an appeal under section (2) relating to an industrial company is pending, then, notwithstanding anything contained in the companies act, 1956 (1 of 1956) or any other law or the memorandum and articles of association of the industrial company or any other instrument having effect under the said act or other law, no proceedings for the winding-up of the industrial company or for execution, distress or the ..... bank could have withdrawn the ots on 20.09.2007 primarily in view of the receipt of the amount from the insurance company on 19.09.2007 having acted on the ots by appropriating the sum of rs.40 lakhs ostensibly on the ground ..... held that all proceedings to recover property tax under section 129 of bombay village panchayat act, 1958 would not lie except with consent of the bifr and in the absence of approval, the .....
Tag this Judgment!Court : Delhi
..... sustained, it would mean that one of the two secured creditors would be fully compensated in terms of the principal and interest (total outstanding) while the other secured creditor would be left to take all the hit insofar as the ..... like against any of the properties of the industrial company or for the appointment of a receiver in respect thereof and no suit for the recovery of money or for the enforcement of any security against the industrial company or of any guarantee in respect of any loans, or advance granted to the industrial company shall ..... under implementation or where an appeal under section (2) relating to an industrial company is pending, then, notwithstanding anything contained in the companies act, 1956 (1 of 1956) or any other law or the memorandum and articles of association of the industrial company or any other instrument having effect under the said act or other law, no proceedings for the winding-up of the industrial company or for execution, distress or the ..... bank could have withdrawn the ots on 20.09.2007 primarily in view of the receipt of the amount from the insurance company on 19.09.2007 having acted on the ots by appropriating the sum of rs.40 lakhs ostensibly on the ground ..... held that all proceedings to recover property tax under section 129 of bombay village panchayat act, 1958 would not lie except with consent of the bifr and in the absence of approval, the .....
Tag this Judgment!Court : Delhi
..... learned counsel for the appellants, as noted above, urged that not more than one-third of the income of the deceased should have been deducted by the tribunal towards the personal expenses and maintenance of the deceased keeping in view the fact that the deceased was the only son of his parents, who had three other progeny apart from the deceased, all of whom ..... the said plea raised in defence was negated by the claims tribunal and an award in the sum of ` 2,60,200/- with simple interest @ 9% per annum from the date of the filing of the petition till the date of payment was passed in ..... sharma, the learned counsel for the appellants has challenged the award principally on the following grounds: (a) the claims tribunal erred in assessing the income of the deceased to be in the sum of ` 2,500/- per month whereas his income was at least ` 4,000/- per ..... , however, contested the petition and in its written statement disowned its liability to indemnify the insured alleging that the offending vehicle was not being driven by a person ..... learned counsel for the insurance company sought to counter the contentions of the learned counsel for the appellants by submitting that the award was a just and fair one and deserved to be maintained. ..... the insurance company shall deposit the enhanced amount of compensation with the learned tribunal latest within 30 days from the date of the passing ..... insurance ..... have been more than one-third of the income of the deceased [see oriental insurance co. ..... insurance ..... insurer .....
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