ATAMARAM MANIKLAL SHANTI CHAMBER OPPOSITE DINESH HALL NAVRANGPURA AHMEDABAD Vs. NEW INDIA ASSURANCE COMPANY LTD

JUDGEMENT

(1.) HEARD the learned counsel for the parties. Undisputedly, the complainant has taken an Insurance Policy from the Opp. Party -The New India Assurance Company Ltd. on 25.4.1991.

(2.) A fire took place in their factory in Shri Ambika Vijay Cotton Ginning and Pressing Factory at Dholka. It is the case of the complainant that 1250 cotton bales belonging to the claimant were destroyed due to the fire. Complainant, therefore, lodged a claim for a sum of Rs.70,00,000/- with the Insurance Company. The Insurance Company appointed Shri Upender R. Shah and Standard Surveyors Pvt. Ltd. as surveyor who submitted their report on 31.12.1991 and assessed the loss at Rs.8,36,524/-. Complainant, being aggrieved from the said assessment, requested the Insurance Company for proper and adequate settlement of its loss. However, as no settlement was arrived at, complainant was required to file O.P. No.80/1991 before this Commission.

(3.) HENCE , at the time of hearing of this complaint, at the request of both the parties, this Commission by its order dated 21.12.1993 referred the matter for adjudication by the Arbitrator Mr. Justice J.D. Jain (Retd.) as sole Arbitrator. The learned Arbitrator raised various issues for determination, recorded the evidence both oral as well as documentary. After hearing both the parties and considering the evidence in detail, the Arbitrator passed an award on 28.7.2006 and directed the Insurance Company to pay a sum of Rs.52,28,181/- with interest @ 12% per annum on the said amount from 26.4.1991 i.e. from the date when the claim was lodged with the Insurance Company. The Arbitrator further directed that Insurance Company shall pay costs which was quantified at Rs.1 lac for arbitration proceedings to the complainant. He also directed that Insurance Company shall pay in all a sum of Rs.1 lac as costs for various fees to the Arbitrator.