1. The plaintiff has sued the defendant for recovery of Rs.1,26,99,578/- with interest and costs.

2. It is the case of the plaintiff in the plaint:

(i) that the plaintiff is an insurance broker duly licensed by the Insurance Regulatory & Development Authority (IRDA) and the defendant is a company carrying on business of insurance;

(ii) that in anticipation of Uttar Pradesh State Road Transport Corporation (UPSRTC) requiring insurance for its buses, the plaintiff introduced itself as an insurance broker for handling UPSRTC’s business and UPSRTC vide its letter dated 3rd January, 2004 authorized the plaintiff to negotiate premium rate with terms and conditions for Third Party plus Passenger Liability cover for their business;

(iii) that however subsequently UPSRTC floated tenders inviting bids for insurance premium rates for about 4000 buses;

(iv) that the plaintiff had detailed meetings with Mr. Yogesh Lohiya, General Manager (Technical) and Mr. I.S. Phukela, Assistant General Manger (RO-1) at the Head Office of the defendant wherein inter alia the loading of tariff premi