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Tribunals and CommissionsDivision Bench(2022) 11 NCDRC CK 0026

Oriental Insurance Co. Ltd vs M/s Balbir Singh & Co. & Anr

National Consumer Disputes Redressal Commission · Decided on 4 November 2022

HON’BLE JUDGES
Dinesh Singh, Presiding Member · Karuna Nand Bajpayee, Member
RESULT
Disposed Of
CASE NUMBER
First Appeal No. 927 Of 2019

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Judgment

9 paragraphs · 350 words
1.

This appeal has been filed under section 19 of The Consumer Protection Act, 1986 in challenge to the Order dated 05.03.2019 of the State Commission in complaint no. 207 of 2018.

2.

Learned counsel for the appellant (the ‘insurance co.’) and for the respondent no. 1 (the ‘complainant’) are present. No one is present for the respondent no. 2 (the ‘bank’).

3.

Learned counsel for the insurance co. submits on instructions that without prejudice to its contentions and purely as a goodwill gesture the insurance co. is prepared to pay 75% of the insured declared value i.e. an amount of Rs.15.75 lakh to the complainant with interest at the rate of 5% per annum from the date of the repudiation i.e. 16.11.2017 till realisation within eight weeks from today.

Learned counsel for the complainant submits on instructions that the afore terms are acceptable to the complainant.

Learned counsel for the insurance co. further requests that the issues involved may be kept open and the decision in this case may not be treated as a precedent.

4.

In the wake of the above submissions the appeal is disposed of with the direction that the insurance co. shall pay an amount of Rs.15.75 lakh to the complainant with interest at the rate of 5% per annum from the date of repudiation i.e. 16.11.2017 till realisation within eight weeks from today. The first charge shall be of the bank from which the complainant had taken loan for the subject vehicle.

The issues involved are kept open. And the decision in this case shall not be a precedent.

The amount if any deposited by the insurance co. with this Commission in compliance of this Commission’s Order dated 08.08.2019 along with interest if any accrued thereon may be released by the Registry of this Commission to the insurance co. within four weeks from today.

5.

The Registry is requested to send a copy each of this Order to the parties in the appeal and to their learned counsel immediately. The stenographer is requested to upload this Order on the website of this Commission immediately.