ORDER :- The petitioners are a company organised under the laws of the United Kingdom and have its office at 24, Lime Street, London. The respondents are a company registered under the Companies Act, 1956 and a statutory body constituted under S. 3 of the Oil and Natural Gas Commission Act, 1959, having principal/registered office at Tel Bhavan, Dehra Dun and regional office at Vasudhara, Bandra (East), Bombay 400 051. According to the petitioners they had issued a certificate of insurance in favour of the respondents covering the vessel called M. V. Sindhu VII. On 25th July, 1995 the vessel Sindhu VII (hereinafter referred to as "the vessel") capsized and sank within the precincts of the Port and Harbour of Bombay. The respondents issued a notice of abandonment to their hull and machinery underwriters viz. The National Insurance Company Limited. This notice was not accepted by the National Insurance Company as the claim was treated as constructive total loss. The respondents had also taken out a policy known as protection and indemnity policy with the petitioners. The respondents made a claim under this policy. The petitioners examined the claim of the respondents. The claim was s

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