SETHIA OILS LIMITED Vs. NATIONAL INSURANCE COMPANY LIMITED

JUDGEMENT

(1.) This is a suit claiming a decree for a sum of Rs.73,28,754.54/- against the defendants as pleaded in paragraph 9 of the plaint together with interim interest and interest upon judgment @ 24% per annum and other consequential reliefs. The plaintiff is engaged in the business of manufacture and sale of refined rice bran oil (hereinafter referred to as the 'said oil') which is manufactured at the plaintiff's facilities at G.T. Road, Pemra, P.O.- Jotram, Burdwan and is thereafter transported to various parts of the country by tankers through various transport companies having oil tankers. The plaintiff obtained an Insurance Policy known as Marine Cargo Open Policy from the defendant no. 1 under which the plaintiff was insured for loss arising from transit risk including accident etc. for the purpose of indemnifying itself from any loss.

(2.) The defendant no. 2 is a transporter of goods carrying on business under name and style of 'Amrit Transport' as sole proprietor through which concern, pursuant to orders received, the plaintiff despatched 27,800 and 27.960 MT of the said oil to one Marico Industries Limited by two tankers of the defendant no. 2 bearing no. WB-03A/3149 and WB-23A/4816 (hereinafter referred to as the first and second consignment) which were despatched on 28.9.2003 and 10.10.2003 respectively but could not ultimately be traced out and/or were lost, as informed by the defendant no. 2. It is contended that the first and second consignments of oil were valued Rs. 13,20,500/- and Rs. 13,70,040/- respectively.

(3.) The plaintiff also entered into another contract with defendant no. 2 for transportation of 27,000 MT of the said oil, the value whereof was Rs. 13,23,000/- which was loaded in a tanker bearing no. WB19A/3925 and dispatched on 12.10.2003 but the said tanker met with an accident at Arroghat, Jaspur and the entire oil was lost. Such loss has been duly confirmed by the defendant no. 2 and the surveyor of the defendant no. 1.