JUDGMENT - M.L. Pendse, J.:---An interesting question which lies in a very narrow compass, but it is not easy of solution falls for determination in this Originating Summons. Before adverting to the questions which require answer, it would be appropriate to set out a few facts which have given rise to the filing of the present proceedings.

2. The plaintiffs-Central bank of India are a Body Corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act V of 1970, while the defendants are the Insurance Company incorporated under the companies Act. The defendants-New India Assurance Co. Ltd. do general insurance business and inter alia issue policies of insurance to Banks including "Bankers Indemnity Policies" indemnifying the Banks in respect of losses suffered by them in the course of their banking business. The plaintiffs obtained a Bankers Indemnity Policy dated February 2, 1972 for the period commencing from January 3, 1972 to January 3, 1973 in respect of total insurance cover of Rs. 20,00,000/-. The insurance premium paid by the Bank was to the tune of Rs. 4,51,045.80. By the Insurance Policy the defendants inter alia agreed to pay and make go

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