| First Appeal No. FA/112/2011 | | (Arisen out of Order Dated in Case No. of District ) |
| | | | 1. Oriental Insurance Company Limited | | Dangra Toli Chowk, P.O. & P.S.- Lalpur, Ranchi-834001 |
| ...........Appellant(s) | |
| Versus | | 1. Satya Narayan Hazam (Satya Narayan Thakur) | | Village- Barsa, Ratu Road, Ranchi, P.O. & P.S.- Ratu, District- Ranchi | | 2. Bank Of India Through Its Branch Manager | | Nagri Branch Office, At & P.O.- Piska Nagri | | Ranchi |
| ...........Respondent(s) |
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| ORDER | 19/11/2014- The reasons for delay in disposal of this appeal can be seen from the order sheet. - Mr. Pratush Kumar, learned Counsel appearing for the appellant/ Insurance Company prayed for condoning the delay of about 107 days in filing this appeal on the grounds mentioned in the limitation petition.
- Mr. Kalyan Banerjee, learned counsel appearing for the R-1/ complainant and Mr. P.K. Gupta, learned Counsel appearing for R-2/Bank, fairly submitted that the delay may be condoned.
Accordingly the delay in filing the appeal is condoned. - Heard the parties on merit.
- Mr. P. Kumar submitted that as per the Insurance Policy, the complainant could not use the Tractor for hire, which was a non -agricultural use. Referring to the F.I.R. lodged by the complainant himself, he submitted that admittedly the complainant gave the Tractor on hire, and then some miscreants eloped away with the Tractor , when the driver along with the persons who hired the tractor were taking food in the Hotel. Therefore, he submitted that theft/ stealing took place after the Tractor was hired. In such circumstances at best the complainant is entitled to get 75% of the insured value in view of the Supreme Court judgement reported in (2010) 4 S.C.C.536 Amalendu Sahoo Vs Oriental Insurance Company Ltd. but the Learned Lower Forum has directed the appellant to pay the full insured value and on failure to pay, a very high rate of interest @ 18% per annum has been awarded.
- On the other hand, Mr. Banerjee appearing for the complainant/ R-1 supported the impugned judgement and submitted that the complainant is entitled to full insured value. He alternatively submitted that had the Insurance Company paid at least the admitted amount of 75%, the Bank dues against the loan taken by the complainant for purchase of the Tractor, would not have swelled to about Rs. 6,50,000/- with interest.
- Mr. Pramod Kumar Gupta, learned counsel appearing for the Bank / R-2 also supported the impugned judgement in the interest of the Bank.
- After hearing the parties at length, and going through the records , we find force in the submission of Mr. P. Kumar that in the facts and circumstances of this case, as noticed above, the Insurance Company was liable to pay 75% of the insured value i.e. Rs. 3,15,750/-
- Accordingly the impugned judgement is set aside.
- We find some force in the submission of Mr. Banerjee that had the Insurance Company paid the said admitted amount to the complainant, the loan amount would not have swelled.
- In the facts and circumstances of this case the Appellant/ Insurance Company is directed to pay Rs. 3,15,750/- being 75% of the insured value along with simple interest @ 12% from 1.1.2009 ( as the complaint was filed on 12.12.2008) till November, 2014 i.e. Rs. 2,24,183/- + 5000/- as litigation cost= Rs. 5,44,933/- rounded to Rs. 5,45,000/- by handing over a cheque drawn in favour of the Bank of India, Nagri Branch, Ranchi. We are directing the payment directly to the Bank on the request of Mr. Banerjee.
- It is made clear that if the Insurance Company fails to deposit the cheque of Rs. 5,45,000/- on 2.12.2014 , in terms of this order, the Insurance Company will be further liable to pay simple interest @ 18% per annum from 1.1.2009 till the date of payment / realization.
- Mr. Banjerjee lastly submitted that the Bank may be directed to settle the bank dues against the loan account by accepting the said amount in full and final settlement.
- On this, Mr. P. K. Gupta, learned Counsel appearing for the Bank submitted that he will advise the Bank to do the needful.
- In the facts and circumstances of the case , and keeping in view that the complainant is an agriculturists, we hope that the Bank will consider the said request of the complainant sympathetically in settling the claim.
- The office will return the statutory amount to the appellant within four weeks.
With these observations and directions this appeal stands disposed off. Let free copy of the order be handed over to the parties. Ranchi, Dated:-19-11-2014 | |
