JUDGEMENT

PER HON'BLE MR. BHARATKUMAR PANDYA, MEMBER

1. Heard Mr. Burzin Somandy, Advocate for the Complainant and Mr. Parveen Kumar Mehdiratta, Advocate, for Opposite Party.

2. The present consumer complaint has been filed by Ultratech Cement Limited (hereinafter referred as the Complainant) against The New India Assurance Co. Ltd. (hereinafter referred as the Opposite Party), alleging deficiency in service, gross negligence, inordinate delay, misinterpretation of policy terms, unfair trade practice and wrongful repudiation of a genuine insurance claim of Rs.6,53,45,305/- under a Marine Open Cover Insurance Policy. The insurance policy in question was originally taken by the Cement Division of Grasim Industries Ltd. in 2010. Subsequently, pursuant to . schemes of arrangement approved by the Hon’ble High Courts of Madhya Pradesh, Gujarat, and Bombay, the Cement Division vested in and was amalgamated with the Complainant. The Complainant submits that for the purpose of its cement manufacturing operations, it intended to purchase and import a Planetary Gear Box for its cement mill. Accordingly, it approached M/s MAAG Gear AG, Switzerland, and after negotiations, placed a purchase order