C YOGISH MALLYA Vs. NATIONAL INSURANCE CO LTD

JUDGEMENT

(1.) In this complaint under Sec.17 read with Sec.12 of the Consumer Protection A ct, 1986, the complainant has sought compensation in a sum of Rs.9,01,644/- from the opposite partiesthe National Insurance Company Ltd.

(2.) The complainant an industrialist insured the machinery and the stock of his plastic industry with the opposite parties. The insured sum of the machinery was Rs.1,50,000/- and the stock for a sum of Rs.4,00,000/-. The period of insurance was from 3.3.90 to 2.3.91. A fire accident took place in the said industrial unit at about 9.45 a. m. on 18.9.90 during the currency of the policy period, wherein the stock and the machin ery insured got damaged. It is the case of the complainant that the loss towards the machinery was Rs.3,04,000/- and loss towards stock was Rs.4,34,161/-.

(3.) The complainant after the said mishap made claim with the opposite parties. The opposite parties deputed its Surveyors and on receipt of the said survey report settled the claim of the complainant with opposite party No.2, the Canara Bank, the Banker of the complainant for a sum of Rs.1,48,000/-.