JUDGMENT:

This appeal under Section 96 of the Code of Civil Procedure is directed against the decree and judgment dated 24.03.2006 in O.S.No.22 of 2003 on the file of the Court of learned VIII Additional District and Sessions Judge (Fast Track Court), Visakhapatnam.

2. For the sake of convenience, the parties hereinafter are referred to as they are arrayed before the trial Court.

3. The appellant herein is the defendant and the respondents herein are the plaintiffs before the trial Court.

4. The plaintiffs instituted the suit against the defendant for recovery of an amount of Rs.11,88,628/- with subsequent interest and costs.

5. Before adverting to the material and evidence on record and nature of findings in the judgment of the trial Court, it is necessary to scan through the case pleaded by the parties in their respective pleadings.

6. The case of the plaintiffs, in brief, is as follows:

(i) The 1st plaintiff is an insurance company incorporated under the Companies Act, 1956 and having its Head Office at Kolkata and having Divisional Offices at several places and one of them is at Dwarakanagar, Visakhapatnam. The defendant is a Transport contractor engaged in the business of carriage of