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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
SANDEEP V.MARNE
New India Assurance Co. Ltd. – Appellant
Versus
Shirdi Industries Limited – Respondent
JUDGMENT :
SANDEEP V. MARNE, J.
1. Petitioner-Insurance Company has filed the present Petition under Section 34 of the Arbitration and Conciliation Act, 1996 (Arbitration Act) challenging unanimous Award of the Three-Member Arbitral Tribunal dated 20 September 2022. By the impugned Award, the Tribunal has awarded a sum of Rs.30,99,555/- in favour of the Respondent alongwith interest @ 12.5% p.a. from 16 August 2016 till realisation. The Arbitral Tribunal has also awarded costs of Rs.29,44,021/- to the Respondent.
2. Petitioner is a nationalised general insurance company. The Respondent is an incorporated entity engaged in manufacturing of various types of wooden boards. The Respondent has its manufacturing plants at Pantnagar (Uttarakhand), Coimbatore (Tamilnadu) and Bhiwandi (Maharashtra). The Respondent availed insurance cover under the Policy named -Industrial All Risk Policy dated 7 February 2015 from the Petitioner, which covered its factory at Pantnagar (Uttarakhand). On 6 April 2015 a fire broke out in Respondent’s plant at Pantanagar. The fire took place in the hot press loader and un-loader section of MDF production. Although the main plant was not damaged, there was substant
The tribunal can appoint an expert to aid its understanding, and an insurer is not bound by the surveyor's report if it relies on valid grounds to depart from it.
Point of law: Court is unable to accept that the impugned award suffers from any patent illegality that strikes at the root of the said matter. It is also not contrary to the fundamental policy of In....
The main legal point established in the judgment is the deference to the learned Arbitrator's decisions based on a reasonable interpretation of facts and materials on record, as well as the entitleme....
The court annulled the arbitral award for misinterpretation of insurance policy terms, improper calculation of depreciation, and lack of independent reasoning in affirming mixed assessments for claim....
Insurance companies cannot avoid liability by citing external compensations, and second surveyors must be appointed with regulatory oversight.
The court ruled that where an insurer completely denies liability, there is no arbitrable dispute regarding insurance claims under the Arbitration and Conciliation Act, 1996.
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