JINDAL INDIA LIMITED Vs. ORIENTAL INSURANCE COMPANY LIMITED

JUDGEMENT

(1.) The present petition has been preferred on behalf of petitioner seeking appointment of sole Arbitrator under the provisions of Sec. 11(6) of the Arbitration and Conciliation Act, 1996.

(2.) Petitioner claims to be producer of galvanized steel sheets, corrugated sheets and coils, and exports its products to numerous countries across the globe and also supplies galvanized and black pipe segments to the oil and gas industry. According to petitioner, respondent is a state-owned non-life insurance company in India.

(3.) According to petitioner, on 27/9/2021, an accidental fire broke out at petitioner's plant at Jangalpur, which caused significant damage to its aluminum foil rolling mill. Soon thereafter, the petitioner claims to have informed the respondent about the accident, its ensuing loss and the insurance claim arising under the "Material Damage and Business Interruption" of the policy. The respondent appointed the Bhatawadekar Insurance Surveyor and Loss Assessors Private Limited for assessing the loss, and the surveyor submitted Final Survey Report on 31/8/2018, wherein he had assessed the loss at INR 13,31,13,073 against a claim of of INR 19,31 ,69,106 made by the petitioner.