- (1.) This appeal, filed by the appellant insurer, is against a judgment and award dated 16th August, 2007 passed by the Motor Accident Claims Tribunal in MAC Case No.68/2004/73 of 2004, whereby the learned Tribunal has awarded a lump sum compensation of Rs.7,00,000/ - to the claimants/respondents.
(2.) The claimants have filed a cross objection to the judgment and award under appeal inter alia, contending that the appellant should have been awarded a higher amount.
(3.) It is now well settled that even in respect of claims under Section 166 of the Motor Vehicles Act, 1988, the structured formula, as contained in the second Schedule of the said Act is a reasonable guideline in determination of compensation for pecuniary loss.;