SUPREME PETROCHEM LTD Vs. NATIONAL INSURANCE CO LTD

JUDGEMENT

(1.) The Complainant's story, like a neat model, built with child's bricks, hardly seem to be real. A naked truth is always better than a well-dressed lie. Now let us turn to facts of this case.

(2.) Supreme Petrochem Ltd., [Formerly known as M/s. Shin Ho-Petrochemical (India) Ltd.], the complainant, is a Public Limited Company at Annullavoyil Village, Chennai. It transacts the business of manufacture and sale of E.P.S. Resin. The complainant paid a premium in the sum of Rs.1,53,366/- and obtained a Fire Policy in the sum of Rs.2.5 crores, covering stock of styrene monomer, stored in Mangalore Port, in tanks. The said policy also covered the risk of fire, lightning, explosion, implosion, etc. Copy of the policy was placed on record as Annexure C-1.

(3.) The complainant had imported from Korea, a quantity of 1000.92 MTs (Metric Tonnes) of styrene Monomer, in bulk, which was received at New Mangalore Port in two consignments of 600 and 400.952 MTs. The said consignments were unloaded into a custom bonded tank, under M/s. IMC Ltd. (formerly known as M/s. Indian Molasses Co. Ltd.). The said tank was cleaned, however, before the unloading of the consignment, an inspection was conducted by M/s. Delta Marine Services which found the aforesaid tank empty, clean and fit to receive Styrene Monomer. Copy of the report of the inspection report dated 19.08.1999 has been placed on record as Annexure C-3.