KAMLA ARORA Vs. ORIENTAL INSURANCE CO LTD

JUDGEMENT

(1.) This revision petition arises out of an order passed by Consumer Disputes Redressal Commission, Delhi on 20.10.2004 disposing Appeal No. A-1008 of 1998 against the order dated 5.6.1998 of District Forum in Complaint No. 2803 of 2004.

(2.) Heard the learned Counsel for the parties. It is undisputed that as per the terms and conditions of the policy, if the vehicle in question, which was purchased, was stolen within a period of two years, only 10% depreciation is required to be deducted for assessing its value and for reimbursement to the insured.

(3.) In this view of the matter, order passed by the State Commission assessing the value of the vehicle by deducting 20% depreciation cannot be justified. Order passed by the State Commission requires to be modified accordingly. Hence, it is ordered that the complainant is entitled to Rs. 3,52,000/- i.e. the price after deducting 10% depreciation of the purchase price. It is further ordered that Insurance Company shall pay the said amount with interest at the rate of 10% per annum from 1.3.1994, that is the date approximately after lapse of 3 months from the date of incident.