JUDGMENT :

(Surya Prakash Kesarwani, J.) :

1. Heard Sri Dhruba Ghosh, learned senior advocate, assisted by Sri Soumajit Ghosh, learned counsel for the appellant/respondent and Sri Soumya Majumder, learned counsel, assisted by Sri Debraj Sahu, learned counsel for the respondents/writ petitioners.

2. Briefly stated, facts of the present case are that the respondents/writ petitioners took a Multi-buyer Exposure Policy No. MBE0050008485 which was issued by the appellants to the respondents/writ petitioners on 16.01.2012 covering the period commencing from 28.12.2011 to 27.12.2012, for an aggregate loss limit of Rs.5 crore. The Insurance Premium was Rs. 9,10,000/-but its payment was to made in four equal quarterly instalments of Rs. 2,27,500/-each, falling due on 28.12.2011, 28.03.2012, 28.06.2012 and 28.09.2012. The third instalment which fell due on 28.06.2012 was not deposited in time by the respondents/writ petitioners. A shipment was made by the respondents/writ petitioners on 27.07.2012 to one M/s. Techpack Tanzania Limited, but the consignment was neither received by the consignee nor its payment was made. Therefore, the respondents/writ petitioners submitted an application dated