ORDER

This revision petition has been filed under section 21(b) of the Act 1986 in challenge to the State Commission’s Order dated 22.01.2013 in appeal no. 1299 of 2012 arising out of the District Commission’s Order dated 21.09.2012 in complaint no. 869(RBT) of 2011.

2. Heard the learned counsel for the two sides. Perused the material on record, including inter alia the District Commission’s Order dated 21.09.2012, the State Commission’s impugned Order dated 22.01.2013 and the petition.

3. Brief facts, relevant for the purpose of disposing the petition, are that the petitioner (the ‘complainant co.’) had taken a loan from the Punjab National Bank (the ‘bank’) and had hypothecated its stock with the bank. The bank had taken the subject insurance policy on behalf of the complainant co. from the respondents (the ‘insurance co.’). An incident of fire took place in the intervening night of 25/26.06.1999. The complainant co. made a claim of Rs.12,27,217/-. The surveyor appointed by the insurance co. assessed the loss at Rs.2,48,155/-. Accepting its surveyor’s report, the insurance co. settled the claim at Rs.2,17,240/-, and, in accordance with the agreed tripartite arrangement between th