JUDGMENT

R.V. Raveendran, J. - These appeals under section 23 of the Consumer Protection Act, 1986, are filed against the common order dated 31.1.2003 passed by the National Consumer Disputes Redressal Commission, New Delhi (Commission for short) allowing in part OP No. 45 of 1997 and OP No. 49 of 1997. OP No.45 of 1997 was filed by M/s Hira Lal Ramesh Chand and its partner Rajender Kumar Jain (respondents 1 and 2 in CA No.4306/2003). OP No.49 of 1997 was filed by M/s Ratan Chand Deep Chand and its two partners (respondents 1 to 3 in CA No.4307/2003).

2. As the ranks of parties differ in the two appeals and as some parties were given up before the Commission, for convenience, we will also refer to the parties as follows : New India Assurance Co. Ltd., as `Appellant or `Insurer; M/s Hira Lal Ramesh Chand and its partners (Respondents 1 & 2 in the first matter) and M/s Ratan Chand Deep Chand and its partners (Respondents 1 to 3 in the second matter) as the `complainants; M/s Niranjan Shipping Agency Pvt. Ltd., (third Respondent in the first matter and fourth Respondent in the second matter) as `Niranjan Shipping; Punjab National Bank (fourth Respondent in the first matter and fifth Re