Dhananjaya Y Chandrachud, J. - (1.) Delay condoned.
(2.) The respondent constructed a hotel in 1978 in Mumbai. The hotel, which was known as Searock Hotel, was under an Operating Licence Agreement with ITC Limited since 1986. ITC Limited operated the hotel under the licence agreement, on behalf of the respondent.
(3.) The hotel was insured by the appellants under two insurance policies for a period of twelve months commencing from 1 April 1992: (i) Fire Policy "A" (also called the Material Damage Policy); and (ii) A "Consequential Loss Fire Policy".;