Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Review petition — Interest — Calculation and payment of interest by LIC to |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Review Petition |
Court | Supreme Court of India |
Disposal Nature | Petition Disposed Off |
Headnote | Review petition — Interest — Calculation and payment of interest by LIC to finance company — Date of payment of interest — On facts, acceptance of life insurance policies by petitioner-banking finance company as collateral security through assignment of insurance policies by borrower in favour of petitioner — Issuance of circulars by LIC for putting restrictions on assignment of insurance policies - Challenge to — Said circulars quashed by High Court — However, no order passed for grant of any interest — Filing of SLP by LIC = Interim order passed in favour of LIC whereby petitioners could get only temporary registration of assignment in its favour but could not file any death claim or maturity claim during the pendency of the appeal — Subsequently pronouncement of final order ~ Provisional registrations made permanent and interim orders recalled — LIC to pay interest at the prevailing bank rate (without penal interest) as per relevant provisions — Thereafter, filing of contempt petition against LIC — Said petition treated as limited review petition in view of the apparent omission in the final order in not mentioning as to from what date, LIC was liable to pay interest — Date from which interest to be calculated and paid by LIC to the petitioners in terms of final order — Held: Interest would be payable only on or after the date of pronouncement of interim order by this Court imposing certain restrictions on the petitioners’ right to lodge death claims or maturity claims for appropriate amounts — LIC to pay interest at the 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 the date of pronouncement of interim order, whichever is later. |
Judge | Hon'ble Mr. Justice Shiva Kirti Singh |
Neutral Citation | 2016 INSC 989 |
Petitioner | Dravya Finance Pvt. Ltd. & Anr. |
Respondent | S.k. Roy & Ors. |
SCR | [2016] 5 S.C.R. 835 |
Judgement Date | 2016-10-26 |
Case Number | 3538 |
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