New India Assurance Company Ltd v. Lal Babu Rai and 2 Ors

ORDER Date : Name of the conciliators:

¶1Ms. Chandana Patowary

¶2Ms. Gita Kakati Das

11.05.2024

The case is put up before the National Lok Adalat. The matter is amicably settled between the parties. The appellant New India Assurance Company Limited, represented by Mr. Suman Das, Assistant Manager; and Sri Lal Babu Rai, claimant, herein, are present before the Court today. The claimant is represented by Mr. A. K. Gupta, learned counsel. It is submitted by both the claimant and the Insurance Company's representatives that this matter is settled between the parties at an amount of Rs. 11,90,912/- inclusive of all components as a full and final settlement of their claim. The Insurance company will deposit the amount of Rs. 11,90,912/- within a period of 45 days from today before the Registry of the Gauhati High Court. Failure to deposit the above-mentioned amount within the stipulated time by New India Assurance Company Limited, the above amount would carry an interest at the rate of 7% from the date of filing of the claim petition before the learned Tribunal. Out of the amount of Rs. 11,90,912/-; an amount of Rs. 5,00,000/, shall be Page No.# 3/3 released to the Claimant, herein, and shall be kept in a fixed deposit account before a nationalized Bank, at least for a period of 3 years and the balance amount be released to the Claimant by the Registry upon furnishing of adequate documents for his identification as well as the particulars of his Bank account. Statutory deposit, if any, made by the Insurance Company being not a part of the amount so settled today; the same may be released to the Insurance Company on an application made by it in this connection. The interlocutory application accordingly stands disposed of in terms of the amicable settlement reached between the parties. The compromise format signed by the parties is kept on record. LCRs, if any, be remitted to the concerned Tribunal. JUDGE Comparing Assistant

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