1. The present Complaint is filed under S.21(a)(1) of the Consumer Protection Act , 1986.

2. The Complainant is a private Limited Company having its industrial unit and establishment at Plot No. M - 55, M.I.D.C., Waluj, Taluka Gangapur, Distt. Aurangabad, Maharashtra. The Complainant deals in the manufacture of plastic woven tape, fabric, bags, tarpaulin, tents, etc. Under the Central Government special scheme for ex - servicemen (SEMFEX - I) State Bank of India, Beed Branch had advanced a loan to their unit. As per the Bank Policy and procedure, depending on the loan advanced and other investments made therein, in the year 1998 the Bank got the Complainant unit insured by the Opposite Party Insurance Company at their Beed Branch Office.

3. The case of the Complainant is that the Policy was renewed and was in force from 22.2.2009 to 21.2.2010 covering the stock in trade for Rs. 60 lakh and Plant and Machinery for Rs. 60 lakh, vide Standard Fire Policy No.161904/11/09/520. On 23.4.2009 at about 10 p.m., a fire broke out. It was a holiday and the unit was closed. The premises and the building was owned and possessed by M/s. Jai Bhavani Packaging Industries, a proprietary firm run by S