Jammu and Kashmir High Court in Amrik Singh vs. National Insurance Company and Ors. MA No. 146/2007, struck down the direction (who awarded compensation amount along with interest at the rate of 6% per annum to be paid by the insurance company to an employee) of the commissioner designated under the Employees’ Compensation Act, 1923 (“ECA“) holding that when the provisions of the ECA, mandatespayment of simple interest at the rate of 12% per annum (or such rate not existing the maximum of the lending rate of any scheduled bank as may be specified by the Central Government on the amount due) then the interest rate should be calculated and paid accordingly.
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