VALMIKI J. MEHTA, J.

1. This is an old suit of the year 1979. Plaintiff in the suit is M/s Jain Exports Private Limited. The contesting defendant in the suit is defendant no. 1/The New Indian Assurance Company Limited. The second defendant in the suit is a proforma defendant/The Punjab and Sind Bank.

2. By the subject suit plaintiff seeks recovery of a sum of Rs.63,95,102.72/- along with interest. Amount which is claimed by the plaintiff is on account of the goods being Brass Scrap (Honey quality) which were shipped under M/s Bentrex & Company, Singapore by the vessel SS AVERILLA having been lost on account of sinking of the ship. As per the plaintiff the goods were insured in terms of the cover note Ex.PW1/11. In terms of the cover note plaintiff claims an amount of Rs.63,23,380/- as principal amount due under the cover note.

3. The contesting defendant no. 1/New Indian Assurance Company Limited has contested the suit and pleaded various grounds for dismissal of the suit. In essence, the contention of the defendant no. 1/insurance company is that the cover note was got issued by the plaintiff by fraud from the defendant no. 1 and that really no goods were ever shipped on SS