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MACT compensation award details in case of 9% per annum interest
12-Feb-2023 (In Motor Accident Law)
my question is in a MACT compensation award judgement , if a judge gave award of 20 lakhs of compensation with 9% interest per annum from the date of filing till deposit means how much amount the deceased family will get if the case was about 4 years duration???
Assuming the Interest is Simple Interest.
9% Interest on 20Lakh For one year is Rs 1,80,000 ( Rupees One Lakh Eighty Thousand) For Four Years The interest sums up to Rs. 7,20,000 (Rupees Seven Lakh Twenty Thousand).
9% Interest on 20Lakh For one year is Rs 1,80,000 ( Rupees One Lakh Eighty Thousand) For Four Years The interest sums up to Rs. 7,20,000 (Rupees Seven Lakh Twenty Thousand).
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Adv. M. Dheenadhayalan
Coimbatore | 100+ Answers
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The deceased family will get rs. 2720000 along with the award amount together with the interest amount. If the period extends then the interest will also increase. Usually the interest will be awarded from the date of filing of the petition till the date of realisation
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Adv. Devapriya V
Chennai | 25+ Answers
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sir, the calculation would follow as;
20,00,000/- X 9% for number of days calculated from the date of filing till the date of deposit is made ( the days for which the petition was dismissed for default will be excluded)..... i will be able to say the accurate calculation if the date of Petition filed and the date of deposit made and the Dismissed for default period is known.
20,00,000/- X 9% for number of days calculated from the date of filing till the date of deposit is made ( the days for which the petition was dismissed for default will be excluded)..... i will be able to say the accurate calculation if the date of Petition filed and the date of deposit made and the Dismissed for default period is known.
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Adv. Priyanka Sethuraman
Coimbatore | 25+ Answers
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