J.M. Malik, Presiding Member—M/s Aggcon Equipments International Pvt. Ltd. is the owner of a maching (MAIT HR180) used for drilling deep boring of foundations and bores in the earth, which was purchased on 13.05.2011. The market value of the said machine is Rs.4,00,00,000/-. The complainant got the above mentioned machine insured from IFFCO TOKIO Insurance Company Ltd.- the Opposite Party, under a Commercial vehicle Tariff (CVT) package Motor policy of miscellaneous and special type of vehicles class D for a sum of Rs.3,04,48,687/- for a period from 09/06/2013 to 08/06/2014. The copy of the Insurance Policy is annexed with the complaint as Annexure-3.

2. On 16.09.2013, the above said machine while drilling on a project at 3C, Sector-100 of Capacite Infraprojects Pvt. Ltd. Under Pile Foundation Company met with an accident where damage was caused by soil collapsing whereby the machine drilling shaft got stuck into the earth. The complainant tried its best to retrieve the drilling shaft from 40 meters deep bore and spent lot of money for the same, but the same could not be retrieved. The copies of the photographs at the project site have been placed on the record as Annexure-4 (c