JUDGMENT :

H.B.PRABHAKARA SASTRY, J.

1. The present appellant was the defendant against whom the present respondents as plaintiffs had instituted a suit in O.S.No.7939/2000 in the Court of the learned XXXIII Additional City Civil and Sessions Judge at Bangalore City (CCH-33) (hereinafter for brevity referred to as the "Trial Court") for recovery of a sum of Rs. 4,66,893/- with interest on a sum of Rs. 3,87,000/- at the rate of Rs. 12% per annum. The said suit came to be decreed by the judgment and decree of the Trial Court dated 30-01-2010. It is against the said judgment and decree, the defendant in the Court below has preferred this appeal.

2. The summary of the case of the plaintiffs in the Trial Court was that, the plaintiff No.2 is an Insurance Company and plaintiff No.1 had insured with plaintiff No.2 against the damage or loss in transit of goods for a total amount of Rs. 3.00 Crores for a period of one year commencing from 29-06-1998 under Marine Policy (Cargo). The defendant is a common Carrier and the plaintiff No.1 had consigned its goods, viz. Eiki Plasma Display PLD 42 UE Projector for its transportation from Bengaluru to their Unit at Chennai. The plaintiffs claimed that