NATIONAL INSURANCE COMPANY LTD. Vs. SAMBHAV INDUSTRIES

JUDGEMENT

(1.) Present appeal preferred u/S. 37 of the Arbitration and Conciliation Act, 1996 (for brevity the 1996 Act) seeks setting aside of the order dated 5/10/2019 vide A-1 passed u/S. 34 of the 1996 Act by which award dated 22/2/2017 passed by sole Arbitrator awarding compensation and interest to the respondent after finding it's claim to be justified, has been upheld.

(2.) Learned counsel for appellant-Insurance Company submits that claimant on 6/7/2005 purchased insurance policy titled as "Standard Fire and Special Perils Policy" from appellant-Insurance Company for insurance cover of various items for which premium of Rs. 3,04,549/- was paid which led to issuance of insurance policy which was valid from 6/7/2005 to 5/7/2006. Thereafter, on 11/7/2005 another insurance policy for insurance of stock by paying premium of Rs. 1,45,416/- was purchased which was valid from 6/7/2005 to 15/7/2005.

(3.) Dissatisfied with the award of the sole Arbitrator provision of Sec. 34 of Arbitration Act were invoked before the Court which passed the impugned order on 5/10/2019 rejecting application of the appellant herein and in the process confirming the award of sole Arbitrator.