Rate of Interest in Cases of Compensation
The principle that emerges from Kaushnuma Begum v. New India Assurance Co. Ltd [2001] GCtR 2088 (SC) is that 9% is the appropriate rate of interest to be awarded and that rate is being applied in motor accident compensation cases.
Another finding made in Puttamma v. K.L. Narayana Reddy [2013] GCtR 6448 (SC) has explained at page no. 48 the principles of rate of interest on compensation amount. It also explains the consequences of delayed payment by insurance company.
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