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C.VISWANATH, RAM SURAT RAM MAURYA
VFC Industries Pvt. Limited. – Appellant
Versus
New India Assurance Company Limited – Respondent
ORDER
Heard Mr. Joy Basu, Senior Advocate, assisted by Mr. Saurajay Nanda, Advocate, for the complainant and Mr. Vishnu Mehra, Advocate, for the opposite party.
2. VFC Industries Pvt. Ltd. (the Insured) has filed above complaint, for directing New India Assurance Company Limited (the Insurer) to pay (i) Rs.75893911/- with interest @18.25% per annum from April, 2006 till the date of realization, as the part insurance claim, (ii) Rs.3794695/- as exemplary damages, (iii) interest @18.25% per annum on Rs.94909909/- from April, 2006 till 26.02.2008, (iv) cost of litigation and (v) any other relief which is deemed fit and proper in the facts and circumstances of the case.
3. The facts as stated in the complaint and emerged from the documents attached with it are as follows:—
(a) VFC Industries Pvt. Ltd. (the Insured) was a company, registered under Indian Companies Act, 1956 and engaged in manufacture and sale/export of packaging material, having its factory at Survey No.3, village Baska, Taluka Halol, district Panchmahal. Its products inter alia include multi-colour folding box board mono, display cartons, flexible packaging, sleeves and pouches amongst others. The Insured had two divis
(1) Appellant/Insurer did not disclose the name of the officer, who had settled the claim nor adduced any evidence in this respect.(2) Although the stock of spare parts as submitted by the Appellant/....
Insured is entitled to interest at 9% for delays beyond stipulated time frames following an accepted insurance claim settlement.
Insurers must substantiate their claim settlements and cannot rely on acceptance of prior inadequate offers without fully disclosing material information.
Insurance claims must be assessed justly, with surveyor reports not being conclusive and subject to scrutiny.
Insurance companies cannot avoid liability by citing external compensations, and second surveyors must be appointed with regulatory oversight.
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