ORIENTAL INSURANCE CO. LTD Vs. BALBIR SINGH

JUDGEMENT

(1.) This appeal has been filed under sec. 19 of The Consumer Protection Act, 1986 in challenge to the Order dtd. 5/3/2019 of the State Commission in complaint no. 207 of 2018.

(2.) Learned counsel for the appellant (the 'insurance co.') and for the respondent no. 1 (the 'complainant') are present. No one is present for the respondent no. 2 (the 'bank').

(3.) Learned counsel for the insurance co. submits on instructions that without prejudice to its contentions and purely as a goodwill gesture the insurance co. is prepared to pay 75% of the insured declared value i.e. an amount of Rs.15.75 lakh to the complainant with interest at the rate of 5% per annum from the date of the repudiation i.e. 16/11/2017 till realisation within eight weeks from today.