ORIENTAL INSURANCE COMPANY LIMITED Vs. TILAK HANDLOOM INDUSTRIES

JUDGEMENT

(1.) Heard Mr.Talwar for the appellants and Mr.R.S.Madan, for the caveator. By consent, the matter is taken on board for final disposal.

(2.) This is an appeal filed by Oriental Insurance Company Limited against the order dated 22nd May, 2015 passed by the learned Additional District Judge, Panipat under Section 34 of the Arbitration & Consolidation Act, 1996 ('the Act'). The learned ADJ, Panipat has upheld the award passed by the Sole Arbitrator appointed by the Chief Justice by his Lordships' order dated 11th January, 2010 on an application under Section 11 of the Act. The Arbitrator is a retired District Judge.

(3.) The insured is Tilak Handloom Industries, Panipat. It was engaged in the sale of clothing and furnishings in its shop at Panipat. Its stock was insured by the appellants against risk and fire. A substantial financial loss was caused the the insured when a fire broke out in the premises, the showroom-cum-shop at Panipat. A surveyor was appointed by the appellants to assess the loss suffered by the respondents in the devastating fire which occurred on 7th March, 2001. The learned Arbitrator in his detailed and exhaustive award has touched upon all the issues arising between the parties, dealt with them and returned cogent findings thereon.