LAWS(NCD)-2022-11-89

VINOD KUMAR Vs. GRETER MOHALI AREA DEVELOPMENT AUTHORITY

Decided On November 23, 2022
VINOD KUMAR Appellant
V/S
Greter Mohali Area Development Authority Respondents

JUDGEMENT

(1.) Heard Mr. B.V.S. Halapathi Rao, Advocate, for the complainant and Mr. Ravi Bakshi, Advocate, for the opposite party.

(2.) M/s. Padmaja Laboratories Private Limited (the Insured) has filed above complaint, for directing United India Insurance Company Limited (the Insurer) to pay Rs.9999999.00 with interest @18% per annum from 27/7/2011 till the date of payment, towards balance insurance claim, punitive damages and any other relief, which is deemed fit and proper in the facts and circumstances of the case.

(3.) The complainant stated that M/s. Padmaja Laboratories Private Limited (the Insured) was a company, registered under the Companies Act, 1956 and engaged in manufacturing and supplying the veterinary and poultry medicines and feed supplements. The Insured had Factory Licence of 10968 and Registration No.66481, Drug Control Licence No.30/AP/KR/96/F/CC and VAT Registration and TIN No.28810865472. The Insured took factory premises at Plot No. 158/4, D. No.2-134 & 135, Industrial Area, Chinnoutapalli Post, Gannavaram Mandalam, Krishna district, on lease, vide lease deed dtd. 1/8/2011, for manufacturing and storing raw material and final products. United India Insurance Company Limited (the Insurer) was a public insurance company and used to provide different insurance services to the public. The Insured obtained "Standard Fire And Special Perils Policy" No.151003/11/11/11/00000151 from United India Insurance Company Limited (the Insurer), for the period of 19/5/2011 to 18/5/2012, for a sum insured of Rs.2.5 crores (i.e. Rs.50.00 lakhs on Plant & Machinery, Rs.1.7 crores on raw materials, Rs.10.00 lakhs on Stock in Process and Rs.20.00 lakhs on Finished Goods, including packaging materials), stored at factory premises. The Insured had credit facility from State Bank of Hyderabad, MSME branch, Vijayawada and assets and stocks were hypothecated.