DRAVYA FINANCE PVT. LTD. & ANR. versus S.K. ROY & ORS.

DRAVYA FINANCE PVT. LTD. & ANR. versus S.K. ROY & ORS.

Interest is payable by LIC at prevailing bank rate (without penal interest) from 30 days after the date of death or date of maturity relating to the life insurance policy concerned, or from 4th April, 2008, whichever is later, due to the omission in the original order regarding the date from which interest accrues and the equity considerations from interim orders.

Parties
Petitioner: Dravya Finance Pvt. Ltd.; Respondent: S.K. Roy & Ors.
Jurisdiction
India
Judgment Date
26 October 2016
Procedural Posture
Review Petition (c) No.3538 of 2016 in Civil Appeal No. 8543 of 2009 / Review Petition Disposition
Outcome
Review Petition disposed of. Order modified to specify date for calculation of interest.
Legal Topics
Interest on Insurance Claims, Assignment of Insurance Policies, Equity Adjustment Upon Review
Insurance Law Banking and Finance Law Interest on Insurance Claims Assignment of Insurance Policies Equity Adjustment Upon Review

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Parties

Dravya Finance Pvt. Ltd.

Petitioner

S.K. Roy & Ors.

Respondent

Procedural Posture

Review Petition (c) No.3538 of 2016 in Civil Appeal No. 8543 of 2009 / Review Petition Disposition

Legal Issues

  1. 1 From what date interest is to be calculated and paid by LIC to petitioners as per the final order dated 10th December, 2015

Ratio Decidendi

Interest is payable by LIC at prevailing bank rate (without penal interest) from 30 days after the date of death or date of maturity relating to the life insurance policy concerned, or from 4th April, 2008, whichever is later, due to the omission in the original order regarding the date from which interest accrues and the equity considerations from interim orders.

Court Disposition

Review Petition disposed of. Order modified to specify date for calculation of interest.

Orders

  • LIC to pay interest at prevailing bank rate (without penal interest) from 30 days after date of death or date of maturity relating to the life insurance policy concerned or from 4th April, 2008, whichever is later.
  • LIC to process claim applications and settle liabilities in accordance with this order.