R.SUBHASH REDDY,J. - (1.) This civil appeal is filed under Section 23 of the Consumer Protection Act, 1986, by the opposite party, in Consumer Case No.2 of 2010, filed before the National Consumer Disputes Redressal Commission, New Delhi, aggrieved by the judgment and order dated 22.06.2016. The above said complaint is disposed of by impugned order, directing the appellant-opposite party to pay a sum of Rs.3,46,87,113/- (Rupees Three Crores Forty Six Lakhs Eighty Seven Thousand One Hundred and Thirteen) to the respondent-complainant as per the insurance policy with interest @ 9% per annum with effect from six months from the date of lodgement of the claim, till the date of payment.
(2.) The respondent-complainant is a Collateral Management Company, which undertakes to store the commodities pledged by the farmers, traders and manufacturers etc., in availing loan from lending banks and other institutions. In case of any loss of the pledged commodities, the respondent-complainant is liable to make good the loss to the lending bank. The respondent-Collateral Management Company, took Fidelity Guarantee Insurance Policy from the appellant- opposite party, in respect of the pledged commodities stored in warehouses/godowns at several places.
(3.) The three firms namely S.K. Sales Corporation, Navbharat Commodities and Navbharat Agro Products, entered into agreements with the respondent-complainant for storing commodities including urad and mentha oil in their warehouse at Gadarpur in District Udham Singh Nagar, Uttarakhand. The respondent-Company was appointed as the Collateral Manager for the said commodities, which has deployed security guards hired by it from the security agency, besides its own field staff. Coming to know that on 06.11.2008, the stored commodity of urad was unauthorizedly removed from the godown, which was pledged to HDFC Bank, the respondent dispatched a team of its officers to investigate the same. The report dated 16.11.2008 of the investigating agency revealed certain omissions and commissions by the concerned employees of the respondent in connivance with the borrowers. Coming to know of such unauthorized removal of urad, the respondent has taken steps to prevent further possible loss to oil and wheat. 601 barrels of oil were shifted to a godown at Bazpur, where a quality check was conducted. On making such quality check, laboratory report revealed that the mentha oil was substituted by water in the barrels. Thereupon, claim was lodged by the respondent with the appellant on 08.11.2008 and further a complaint was also lodged at the Police Station upon which, an FIR was registered on 19.11.2008.;