Ajit Bharihoke, Presiding Member—The complainant is a Private Limited Company engaged in the manufacture of cotton yarn. The complainant, through its Managing Director Naresh Garg has filed the instant consumer complaint alleging that complainant company obtained four standard fire and special perils policies from the opposite party insurance company being policies nos. 261400/11/710/2004 valid for the period 20.11.2003 to 19.11.2004 for a sum of Rs.1,67,00,000/-; 261400/11/794/2004 for a period 06.01.2004 to 05.01.2005 for a sum of Rs.9,00,000/-, 261411/11/082/2005 for the period 10.05.2004 to 09.05.2005 for a sum of Rs.2,56,50,000/- and 261400/11/382/2005 valid for the period 01.09.2004 to 31.08.2005 for Rs.8,00,000/-. The risk covered under the insurance policy included loss due to fire, riots, strikes and other allied perils.

2. That the complainant was maintaining a cash credit account with its bankers. The complainant company in furtherance of the terms of the cash credit account had been submitting the monthly stock statements to the Canara Bank in respect of cotton yarn, cotton and cotton waste lying in the factory. According to the complainant, the cash credit facili