NEW INDIA ASSURANCE COMPANY LTD Vs. CHAIRMAN-CUM-MANAGING DIRECTOR ORISSA STATE WAREHOUSING CORPORATION

JUDGEMENT

(1.) HEARD the learned Counsel for the parties. Learned Counsel appearing on behalf of the Insurance Company states that Insurance Company is not liable to pay any damages to the Orissa State Warehousing Corporation for the fraud which was committed by its employee prior to the issuance of the policy. For this contention, there cannot be any dispute because the insurance cover is for a specific period. Therefore, for crystallizing the amount payable by the Insurance Company, the parties are directed to prepare a chart on the basis of the suits which were filed by the bank against the Corporation. The copies of the judgment and decree are produced on record by the Orissa State Warehousing Corporation before this Commission. Hence, the learned Counsel for the parties to produce on record statements on the basis of the judgment and decree for the period for which the insurance cover was in existence by omitting the claim filed prior to or subsequent to the insurance cover. If this is, done no further arguments would be required in this case. The statement should be filed by the parties on or before 07th May, 2007. Stand over to 10th May, 2007 for final disposal.