Nationwide 'mega lok adalat to come to India Inc's aid

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SummaryCome Nov, banks, insurance firms and companies will have a unique opportunity to settle a large number of pending cases.

cases, 3.6 lakh recovery cases involving banks, 71,342 motor accident cases (involving a compensation amount of R1,104 crore), 15,574 labour cases and 11,511 land acquisition cases. The remaining cases were criminal compoundable and matrimonial cases.

The finance ministry is engaging in discussions with all seriousness as finance minister P Chidambaram in his Budget speech this year said that public sector general insurance companies will take part in lok adalats to settle the third-party motor claims and give relief to the affected.

The huge pendency in motor insurance claims is due to the insurers (both private and public) not taking a realisitic view while negotiating a settlement, including on the treatment costs incurred by the insured following an accident and also the loss of potential earnings, official sources said.

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