J.M. Malik, Presiding Member—The key question involved in this case is “Whether this Commission can travel outside the Insurance Policy and grant relief to the complainant, without adhering to the parameters laid down in the policy itself?”.

2. The present complaint has been filed by M/s. Shital Fibres Ltd against M/s. Bharti Axa General Insurance Co. Ltd., wherein a sum of Rs.4,19,04,368/- towarcds loss & damage, Rs.25,00,000/- towards punitive losses, Rs.20,00,000/- towards compensation for loss of business and delay in settling the claim, interest @ 2% or at the bank rate prevalent as on 15.04.2012 as per Regulation No.9 of the Insurance Regulatory and Development Authority (Protection of Policyholders’ Interest) Regulations, 2002, because the amount was not paid within 30 days from the appointment of Surveyors and costs of the complaint, were claimed.

3. The facts germane to the present case are these. The complainant got constructed a building at Plot No.C-81, Focal Point, Jalandhar, Punjab, in December, 2007. The building was insured with different insurance companies, from time to time, but in the year 2011, the building was got insured from M/s. Bharati Axa General In