IMPORTANT POINT
Delay in settlement of claim itself amounts to undue coercion.

S.C.Jain, Member—This complaint has been filed by Sh. Sachin Vijay Gupta on behalf of the complainant company which is a private limited company registered under the company’s act 1956 and Sh. Sachin Vijay Gupta is one of the Directors of the company. The complainant company engaged in the business of selling gold and diamond jewelry. The complainant company obtained one jewelers block insurance policy from the OP Company and the OP company issued policy No. 231/2005 for the period 29.09.2004 to 23.09.2005 on receipt of insurance premium amount of Rs. 31,906/-. The insurance company contracted to indemnify for loss or damage to any property or part thereof relating stock and stock in trade, consisting of jewelry of gold, diamond and silver ornaments, articles, piece and precious stones of any short of kind whatsoever as well as cash and currency notes and/or other mercantile and material usual to conduct of the insured’s business belonging to and/or held in trust or on commission for which the insured is only responsible. As per the policy, the following indemnity was contracted by the insurance company.

a. Custody of insured Rs. 20.00 Lac.

b. Custody of broker Rs. 15.00 Lac.

2. On 23.12.2004 at about 11:55 am when Sh. Sachin Vijay Gupta came to his showroom at gurudwara road, karol bagh, New Delhi, alongwith his broker and employees in his scorpio car alongwith two briefcases containing gold and diamond jewelry, one belonging to Sh. Sachin Vijay Gupta the Director of the complainant company and the other belonging to Sh. Neeraj Gupta the broker. The briefcase of maroon colour was of Sh. Sachin Vijay Gupta and or grey colour of broker Sh. Neeraj Gupta. Both these briefcases were brought alongwith them in the car.

3. Sh. Sachin Vijay Gupta came out of the car with the shop keys in a grey pouch which was taken out by him from his maroon briefcase and gave the grey pouch to his employee Sh Ishwer Chand Sharma to open the shop. His other employee Sh. Dharmendre went to assist Sh. Ishwar Sharma and Ms. Neetu stood outside the shop gate. The two brief cases containing gold and diamond jewelry were in the car. Sh. Sachin Vijay Gupta alongwith driver Sh. Ram Khiladi (who had brought the other car with the car of Sh. Sachin Vijay Gupta) and Sh. Neeraj Gupta, the broker, stood outside near the car guarding the briefcases when the employees mentioned were opening the shop. Suddenly one tall person came towards Sh. Sachin Vijay Gupta blocking his view and the view of the others to the car. The said tall person engaged Sh. Sachin Vijay Gupta in some irrelevant queries, while Sh. Sachin Vijay Gupta asked the said person to move away from him, simultaneously the other person engaged the driver in query regarding asking the situation of the post office nearby. Another person pushed the broker, Sh. Neeraj away from the car door diverting his attention from the briefcases kept in the car. These persons suddenly left. When Sh. Sachin Vijay Gupta asked to bringing out the briefcases it was realized that the briefcases were stolen.

4. Sh. Sachin Vijay Gupta reported the matter to the police who registered FIR No. 698/2004 under Section 379 IPC. A written statement/complaint was also given to the policy on 23.12.2004 itself at around 6:15 pm. On 26.05.2005 the complainant company was informed by the police that the matter had been transferred to the CBI Branch at Prashant Vihar, Delhi. The CBI submitted its status report dt. 06.10.2005 wherein it was clearly mentioned that two briefcases full of jewelry were found stolen and further reports stated that the CBI conducted raids at several places to catch the culprits and submitted its final report under Section 173 Cr. Pc detailing their efforts to catch the culprits, and the report further stated that as they were not successful as such they send the case as untraced.

5. Meanwhile during the investigation on 24.12.2004 i.e. on the very next day of lodging of t