ORIENTAL INSURANCE CO LTD Vs. RAJENDRA PRASAD BANSAL

JUDGEMENT

(1.) THE facts of the case in a nutshell are that the complainants are the owners of tata truck of 1996 model which was insured for a period from 3.2.97 to 2.2.98 for a sum of Rs. 7,00,000.00. The truck was sent on 21.05.97 from Mathura to Agra for lifting the sand of the Chambal river. Since then the complainant"s truck and the driver disappeared. Whereabouts of driver and cleaner was not known. Accordingly, the Complainants lodged a report at PS Pinhat, Agra District. Surveyors of the insurance company visited the place, conducted the survey and submitted a report. The truck was financed by the Syndicate Bank, Farah Branch, Mathura for a sum of Rs. 4,50,000.00 and upto 12th May, 1999, complainant had deposited Rs. 75,079.00. As the claim was not settled despite issue of notice to the insurance company, the complainant approached the State Commission for redressal of his dispute. The State Commission after hearing the parties passed the following order:-

(2.) AGGRIEVED by the Order of the State Commission, the Oriental Insurance Company has filed this Appeal. Order passed by this Commission while admitting the Appeal reads as follows:-

(3.) SUBMISSIONS of the Ld. Counsel for the respondent:- Mr. G.N. Rathi, submitted that this revision petition was admitted on 20.02.2001 only to consider the rate of interest. Hence the appellant cannot plead for a review of this Order at present. The complainant had taken a loan of Rs. 4,50,000.00 on 3.2.1997 and paid a sum of Rs. 70,000.00 to the bank before the theft. Initially, the complainant claimed a sum of Rs. 9,83,739.00. Bank charged interest with quarterly rests, which ultimately worked out around 21.75% and the respondents had lost their source of income and were virtually on the roadside. The grant of interest at 18% per annum by the State Commission is on the lower side.