Bombay High Court Partially Allows Insurance Appeal in Motor Accident Claim Under Section 163-A MV Act — Reduces Compensation by Capping Income at Rs.40,000 p.a. and Interest Rate to 6% p.a. The Court held that the Tribunal erred in assessing income beyond the statutory cap of Rs.40,000 per annum under the Second Schedule of Section 163-A of the Motor Vehicles Act, 1988, and in awarding interest at 9% per annum instead of 6% per annum.
16 Jun 2023The appellant, Oriental Insurance Company Ltd., challenged the judgment and award dated 3rd January 2003 passed by the Motor Accident Claims Tribunal,...
