MAYADAS BHAGAT Vs. COMMERCIAL UNION ASSURANCE CO LTD

JUDGEMENT

(1.) On November 12, 1935, a suit was filed by Maya Das Bhagat against the Commercial Union Assurance Co., Ltd. and Lloyds Bank, Ltd., for a declaration that the settlement effected between the defendant company and the defendant Bank in respect of the amount due under the plaintiff's policy of insurance with the defendant company was not binding on the plaintiff and for a decree for the amount claimed by the plaintiff under the said policy of insurance.

(2.) The defendant company have brought the present application supported by the defendant Bank for an order that the plaint be rejected on the ground that it discloses no cause of action and is barred by limitation and res judicata.

(3.) The plaint alleges that on January 22, 1930 the plaintiff insured his stock-in-trade at Srinagar in Kashmir with the defendant company for Rs. 10,000 and assigned the insurance policy to the defend-and Bank as additional security for the plaintiffs overdraft account.