This Consumer Complaint No.1166 of 2016 has been filed by M/s. S.R. Bio Chem, a registered partnership firm, engaged in manufacture of Ascorbic Acid I.P. (Vitamin C). Mr. Satish Mehra, partner has been duly authorized to file the present complaint.

2. The complainant had started erection of their factory in 2005 at Plot No.10A and 10B, Goalthai Industrial Area, Phase II, Bilaspur, Himachal Pradesh and completed the same in 2007. It commenced production of Vitamin ‘C’ in 2008. The complainant enjoyed credit facilities from Oriental Bank of Commerce (OP3-Bank hereafter) for such as term loan, cash credit against hypothecation and import/inland/letters credit on general terms and conditions as detailed in the sanction letter dated 10.02.2006. One such condition was that the assets financed shall be fully and comprehensively insured, with agreed bank clause, with premium borne by the complainant. Accordingly, insurance was taken and renewed every year. The last credit facility was vide sanction letter dated 25.9.2012 (Annexure:C-1), for, inter-alia, cash credit of Rs.2.90 Crore for the period 25.9.2012 to 24.9.2013. Among the conditions for this was to keep assets/securities charged to