JUDGMENT :

M. Sundar, J.

1. This suit was presented in this Court on 02.03.2010, almost 9 years ago. Indian Bank which is a creature of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 is the plaintiff and Oriental Insurance Company Limited, a public sector undertaking, is the sole defendant.

2. It is necessary to set out the factual matrix of this case at the outset, for better appreciation of this judgment.

3. If the factual matrix of this case were to be stated in a typical nutshell and if it were to be put in one sentence, it can be said 'plaintiff bank which had taken a Banker's Indemnity Insurance Policy with defendant insurance company, suffered loss to the tune of little over Rs.1.04 Crores owing to some bad transactions in its Purulia Branch, made a insurance claim stating that it is owing to dishonesty of its Branch Manager, defendant insurance company rejected the claim saying that it is a case of negligence and not dishonesty on the part of Bank's employees, resulting in the instant suit by the Bank claiming the loss of little over Rs.1.04 Crores.'

4. Aforementioned one sentence is a birds eye view of the lis and a thumbnail sketch of the factual ma