Shree Ambica Medical Stores vs Surat People’s Co-operative Bank Limited

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2020 Supreme(SC) 80

D.Y.CHANDRACHUD, AJAY RASTOGI
Shree Ambica Medical Stores – Appellant
Versus
Surat People’s Co-operative Bank Limited – Respondent

Advocates Appeared:
For the Petitioner(s):Mehul Sharad Shah, Aniruddha P. Mayee, A. Rajarajan, Advocates
For the Respondent(s):Sukumar Pattjoshi, Sandeep Mahapatra, Abhishek Praharay, J.K. Bodha, Mrinmayee Sahu, K.K. Bhat, Ranjan Kumar Pandey, Advocates

JUDGM ENT

Dr. DhananjayaY. Chandrachud, J.

1. The National Consumer Disputes Redressal Commission [“National Commission”] allowed an appeal instituted by the first respondent and set aside the decision of the State Consumer Disputes Redressal Commission of Gujarat [“State Commission”]. The State Commission found substance in the consumer complaint of the appellants and decreed their claim for compensation in the amount of Rs 53,66,877 with interest at 9 percent per annum. In addition, the State Commission awarded Rs 25,000 towards mental agony and Rs 5,000 towards litigation costs. The claim of the appellants arose under an insurance cover pertaining to goods hypothecated by the appellants with the first respondent under a cash credit facility. The insurer, New India Assurance Company Limited, repudiated the claim of the appellants. As a consequence of the order of the National Commission which is challenged in the present appeal, the claim of the appellants stands rejected.

2. On 31 May 1998, the appellants and the first respondent entered into an agreement for a cash credit faci

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2020 Supreme(SC) 80

D.Y.CHANDRACHUD, AJAY RASTOGIShree Ambica Medical Stores – AppellantVersusSurat People’s Co-operative Bank Limited – Respondent

Cases Referred (2)

D.Y.CHANDRACHUD, AJAY RASTOGI
Shree Ambica Medical Stores – Appellant
Versus
Surat People’s Co-operative Bank Limited – Respondent