UNITED INDIA INSURANCE COMPANY Vs. CRESCENT INTERNATIONAL

JUDGEMENT

(1.) Petitioners-United India Insurance Company Limited have filed this Petition under section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the said Act") to challenge the Award dated 14-11-2006 passed by the Arbitral Tribunal, Mumbai. By the said Award, the Arbitral Tribunal directed the petitioner to pay a sum of Rs. 98,57,070/- with interest @ Rs. 9% from 1-5-2003 till the date of actual payment plus costs of Rs. 3,00,000/-.

(2.) Brief facts are as under :-

(3.) Respondents are a partnership firm carrying on business in chemicals etc. Petitioners had issued the Standard Fire and Special Peril Policy, covering stock of materials which were stored in Gala No. 9. This policy was issued to the extent of a sum of Rs. 50,00,000/- for the period of validity between 24-7-2002 to 23-7-2003. The second policy was also issued by the Divisional Office of the petitioners, covering the stock of chemicals and plastics in Godown/Gala No. 9 and it was to the extent of Rs. 50,00,000/- for the period of validity between 28-10-2002 to 27-10-2003.