DRAVYA FINANCE PVT.LTD vs S.K. ROY .

The Supreme Court, in a review petition concerning Civil Appeal No. 8543 of 2009, clarified that interest payable by the Life Insurance Corporation (LIC) to the petitioners should be calculated at the prevailing bank rate as per Section 8(5) of the Insurance Regulatory and Development Authority (Protection of Policy Holder Interest) Regulations, 2002. The Court held that the dispute regarding the date from which interest should be calculated raises questions of equity and should be addressed in review jurisdiction rather than contempt jurisdiction. The contempt proceedings were closed, and the petitioners were allowed to accept any amount offered by LIC as interest without prejudice to their claims.