Report No. 149
8. For section 171, substitute the following:
"171. Award of interest where claim is allowed.-(1) Where any Tribunal allows a claim for compensation made under this Act, it may direct that, in addition to the amount of compensation, simple interest shall also be paid at a rate of not less than fifteen per cent per annum from the date of the application under section 166 till the date of payment:
Provided that if the Tribunal is satisfied, for reasons to be recorded in writing, that interest at a rate less than fifteen per cent per annum, or interest for a shorter period may be awarded in any particular case, it may direct accordingly.
(2) Without prejudice to the provisions of sub-section (1), the Tribunal may in an appropriate case direct that interest shall be paid at a specified rate if the amount of compensation is paid or deposited within a stipulated period and, in default of such deposit, interest beyond the said period shall be paid at a higher rate."
K.N. Singh, Chairman.
S. Ranganathan, Member.
D.N. Sandanshiv, Member.
P.M. Bakshi, Member (Part-time).
M. Marcus, Member (Part-time).
Ch. Prabhakara Rao, Member-secretary.