[Review Petition(C) No.3538 of 2016 in Civil Appeal No.8543 of 2009]. Although this petition is labelled as a contempt petition arising out of Civil Appeal No.8543 of 2009, by order dated 26th September, 2016, the contempt proceedings were closed and the petition is now being treated only as a limited review petition for answering a short but significant question as to from what date, the interest needs to be calculated and paid by the LIC to the petitioners in terms of final order dated 10th December, 2015 in Civil Appeal No.8543 of 2009. The last but one paragraph of the Order dated 10th December, 2015 is relevant for appreciating the issue relating to interest indicated above. That paragraph runs as follows :- "It is further clarified that in view of the disposal of this Appeal, in the circumstances mentioned above, the Appellant will be liable to pay interest at the prevailing Bank rate (without penal interest) as per Section 8 sub-section (5) of the Insurance Regulatory and Development Authority (Protection of Policy Holder Interest) Regulations, 2002. The disposal of this Appeal is without prejudice to other Appeals in which arguments have been closed."
↧