ORDER

R.C. Jain, Presiding Member - Aggrieved by the refusal of the opposite party-Insurance Company to indemnify for the loss occasioned to it due to fire in its factory on 20.5.1999, the complainant-M/s. Liberty Leather and Footwear has filed this complaint claiming a compensation of Rs. 46,58,571 along with interest @ 24% per annum and a sum of Rs. 10,00,000 (Rupees ten lacs) towards consolidated damages.

2. In nut-shell the case of the complainant is that it is a reputed business firm engaged in the trade of manufacturing of PVC shoes and footwear for M/s. BATA India Ltd., one of the leading shoe chain in the country. It has its factory at premises No. B-150, Phase-I, Mayapuri, New Delhi. In order to safeguard its interest against the risk of fire etc., the complainant had obtained an Insurance cover from the Opposite Party-Insurance Company in the sum of Rs. 50,00,000 (Rupees fifty lacs) for the period 28.4.1999 to 27.4.2000 as per the details mentioned below after paying the due premium of Rs. 29,177:

(1) On building complete in cluding all fittings for Rs. 20,00,000.00

(2) On raw material stock in-process, semi finished, Finished goods and other material of the insured, goods he