LAND ACQUISITION AND COMPENSATION ACT 1986 - SECT 53 Interest on compensation for acquisition
LAND ACQUISITION AND COMPENSATION ACT 1986 - SECT 53
Interest on compensation for acquisitionS. 53(1) amended
by No. 91/1994
s. 21(a).
(1) If an amount of compensation is awarded by the Court or the Tribunal under this Act, the amount that represents the difference between the amount of compensation awarded and the amount of compensation offered by the Authority immediately before the claimant's claim became a disputed claim bears interest at the rate for the time being determined under section 52 from—
(a) the date of acquisition of the claimant's interest; or
(b) the date on which the Authority entered into possession of the land in which that interest subsists—
whichever is the earlier, until the date that the compensation is paid by the Authority.
(2) If the Authority and the claimant or claimants have agreed on the amount of compensation, that amount bears interest at the rate for the time being determined under section 52 from the date of the agreement until the date that the compensation is paid by the Authority.