MARWAH STEELS PVT LTD Vs. UNION OF INDIA

JUDGEMENT

(1.) Heard. Rule. The learned Advocates appearing for the respondents waive service. By consent, rule made returnable forthwith.

(2.) By the present petition, the petitioners while challenging the decision of the respondent No.2 to treat the Policy Nos.111100/11/04/00831 and 111100/11/05/00800 as policies based on market value basis, seek direction to the respondent No.2 to sanction the petitioners' claim on reinstatement value basis and to continue to treat the said policies to be issued on reinstatement value basis.

(3.) The petitioners submitted the proposal for Standard Fire and Special Perils Policy to the respondent No.1 on 15-9-2003 pursuant to which the respondent No.2 issued Policy bearing No.1111/11/03/00852 for a period commencing from 15-9-2003 till 14-9-2004 insuring the petitioners' building known as "Marwah Centre", Marwah Estate, K.M. Marg, Andheri (East), Mumbai together with the plant and machineries, equipments, electrical installations, etc., for a total sum of Rs.18,00,00,000/- against fire, earthquake, flood and other risks as per the forms attached. On the expiry of the said policy, the same was renewed for another year, namely 15-9-2004 to 14-9-2005 being Police bearing No.111100/11/04/00831 by the respondent No.2.