ORIENTAL INSURANCE CO. LTD. Vs. NATIONAL BULK HANDLING CORPORATION PVT. LTD.
SUPREME COURT OF INDIA
ORIENTAL INSURANCE CO. LTD.
National Bulk Handling Corporation Pvt. Ltd.
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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.
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