IN THE NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION NEW DELHI RESERVED ON : 15.07.2025 PRONOUNCED ON : 26.08.2025 CONSUMER COMPLAINT NO. 2603 OF 2017ZYXWVUTSRQPONMLKJIHGFEDCBA Muthoot Finance Ltd. Complainant Registered Office at Muthood Building, P.BNo. 11 Kozhencherry, Kerala Also at Muthoot Towers Alaknanda, New Delhi-i 10019 Through its Authorized Representative Mr. L D Sharma Versus New India Assurance Co. Ltd. Opp. Party Registered Office at New India Assurance Building

87, MGRoad, Fort Mubai-400001 BEFORE:

HON’BLE DR. INDER JIT SINGH, PRESIDING MEMBER HON’BLE DR. JUSTICE SUDHIR KUMAR JAIN, MEMBER For the Complainants Mr. Kuriakose Varghese, Advocate Mr. Akshat Gogna, Advocate Ms.Riya S.R., Advocate Mr.Sunil Bhartwal, A.R.

For the Opposite Parties Mr. J P N Shahi, Advocate Cc/1370/2017 Page 1 of26 i

ORDER

DR.INDER JIT SINGH, PRESIDING MEMBER

1. TZhYeX WpreVsUenTt SCRoQnsPuOmNerM CLoKmJpIHlaiGntF E(CDCC) BhAas been filed by the Complainant against Opposite Party (OP) as detailed above, inter alia praying for directions to the OP to:-

(i) Direct the respondent to immediately process the claim of the complainant pertaining to ‘Package Policy in line with Bankers’

Indemnity Insurance Policy’.

(ii) Direct the Respondent to ‘disburse the claim amount of Rs.5,30,36,408/- to the complainant Company alongwith interest @ 18% p.a. with monthly rest, w.e.f. 11.10.2013 till realization.

(iii) Award a sum of Rs.1,00,00,000/- as compensation / damages on account of harassment, agony, loss of reputation.

2. Notice was issued to the OP(s). Parties filed Written Statement/Reply, Rejoinder, Evidence by way of an Affidavit and Written Arguments/Synopsis etc.

3. Brief facts of the case, as emerged from the pleadings of the parties and other case records are that Complainant obtained a Package Policy in line with Banker’ Indemnity Insurance Policy’ from the OP. The period of insurance cover obtained vide the said policy was w.e.f.12.01.2013 till 11.01.2014. The said policy secured various Cc/1370/2017QPONMLKJIHGFEDCBA Page 2 of26 branches of the complainant. An amount of Rs.1,53,82,084/- was paid by the complainant towards premium.

4. On 07.10.2013 an armed dacoity at gun point took place in one of the branches of the complainant situated at ‘Ram Guest House Market’ and on complaint of the Branch Manager of the Complainant, FIR under section 395/397 of IPC was registered with Police Station Adityapur. It is the case of the complainant that said dacoity was committed by armed dacoits and gold ornaments were looted at gun point. The monetary value of the said looted gold ornaments was Rs.4,60,58,040/-. Further, the culprits had also taken away cash amount of Rs.69,662/- from the vault locker. It is further the case of the complainant that on the occurrence of the said incident, the complainant reported the matter to the OP and insurance claim was duly submitted alongwith all the relevant documents.

5. The OP vide its communication dated 02.01.2017 repudiated the insurance claim of the complainant, however, the complainant did not receive the said communication. On follow up with the OP, the OP addressed a communication dated 07.04.2017 to the complainant whereby the letter of repudiation dated 02.01.2017 was forwarded by the OP to the complainant. The complainant on receiving the letter of repudiation sent a reply dated 02.05.2017 to the OP. The said reply was not answered by the OP. Thereafter, complainant sent legal notice Cc/1370/2017QPONMLKJIHGFEDCBA Page 3 of 26 dated 20.06.2017 to the OP. Despite the receipt of said notice, neither the insurance claim has been processed nor the claim has been disbursed. Being aggrieved, the Complainant filed CC before this Commission.

6. The OP in their written statement stated that on being intimated of claim on 08.10.2013 by the complainant, they engaged a competent and independent surveyor for the alleged loss and he visited the spot on

10.10.2013 and 11.10.2013, who submitted a preliminary survey reportQPONMLKJIHG