New India Assurance Co.ltd Through Its Manager Vs. Tata Steel Ltd.

Decided On : Apr-30-2024

Court : Supreme Court of India

LAW: Section 64, the Insurance Act, the IRDA Regulations, the Memorandum of the Reinstatement Value Clause

ORG: REPORTABLE2024INSC356IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL, No.2759 OF2009New India Assurance Company Ltd., Tata Steel Ltd., Respondent(s, SLP, I.A. No.48152, M/s Bhushan Steel, Strips Ltd, The Complainant/Insured, the Complainant/Insured, Corporate Insolvency Resolution Process, ‘Tata Steel Ltd, the Complainant/Insured, Civil Appeals, Original Petition, the National Consumer Disputes Redressal Commission, the New India Assurance Company Limited, NIACL, the “Insurance Company, NCDRC, NCDRC, Insured, NCDRC, Insured, the Insurance Company, Insured, NIACL, the Insured/Complainant, Original Petition, the Insured/Complainant, the Insured/Complainant, NIACL, Insured, NIACL, Insured, NIACL, R.K. Singhal and Company Pvt. Ltd., M/s A.K. Govil and Associates, NIACL, Insured, Insured, Insured, NIACL, Insured, M/s Flat Products, M/s Flat Products, Insured, the Insurance Company, Insured, Consumer Complaint, Insured, NCDRC, NIACL, NIACL, NIACL, Insured, NIACL, NIACL, Insured, NIACL, Insured, NCDRC, Insured, NCDRC, NIACL, NCDRC, Insured, the Insurance Company, NIACL, NCDRC, NCDRC, NIACL, NCDRC, the Insurance Company, NIACL, Insured, Insured, Oswal Plastic Industries, Legal Deptt N.A.I.C.O. Ltd., NIACL, the Reinstatement Value Clause, Insured, Insured, Insured, Insured, NIACL, NIACL, Insured, the Insurance Company, NCDRC, Insured, the Insurance Company, NIACL, Insured, M/s Flat Products, M/s Flat Products, Insured, NIACL, Insured, NIACL, the Reinstatement Value Clause, the Insurance Company, NCDRC, the Insurance Company, the Insurance Company, NIACL, NIACL, NIACL, NIACL, Insured, Insured, NCDRC, NIACL, Learned Senior Counsel, Insured, Oswal Plastic Industries, Learned Senior Counsel, Oswal Plastic Industries, the Reinstatement Value Clause, Learned Senior Counsel, Oswal Plastic Industries, Insured, NIACL, Protection of Policyholders’ Interests) Regulations, Insured, M/s Flat Products, NIACL, Insured, the Insured/Complainant: -, Insured, the Reinstatement Value Clause, NIACL, Insured, the Reinstatement Value Clause, the Reinstatement Value Clause, Oswal Plastic Industries, Learned Senior Counsel, the Oswal Plastic Industries, Insured, Oswal Plastic Industries, NIACL, Insured, Insured, Oriental Insurance Co. Ltd., NIACL, Learned Senior Counsel, NIACL, Insured, NIACL, Insured, i. Was the Reinstatement Value Clause, NIACL, Insured, Oswal Plastic Industries, the New India Assurance Company Limited, the Condition and Exclusions, Insured, Company, Company, Company, Conditions, the Reinstatement Value Clause, Bar, the Reinstatement Value Clause, Insured, the Reinstatement Value Clause, NCDRC, NIACL, the Reinstatement Value Clause, Insured, Insured, the Reinstatement Value Clause, the Reinstatement Value Clause, NIACL, NIACL, Insured, Insured, NIACL, Conditions, NIACL, NIACL, NIACL, Company, Company, Company, the Reinstatement Value Clause, Insured, Insured, Insured, Insured, Company, Insured, the Reinstatement Value Clause, Insured, Insured, Insured, Company, Insured, NIACL, the Reinstatement Value Clause, NIACL, the Reinstatement Value Clause, Insured, Insured, Insured, NIACL, Insured, Insured, P.C. Gandhi & Associates, Insured, Insured, Insured, Insured, Reinstatement Value Basis, Reinstatement Value Basis, Insured, Insured, TAC, LPA, Insured, M/s Flat Products, NIACL, NIACL, Insured, Insured, NIACL, inter alia, mill.46, Insured, M/s Flat Products, M/s Mukand Limited, M/s Flat Products, M/s Precision Equipment, M/s Flat Products, M/s Flat Products, SENDZIMIR, M/s Jawahar Metal Industries Pvt, Insured, M/s Mukand Ltd., Insured, Insured, NIACL, the Reinstatement Value Clause, Insured, Insured, Insured, Insured, Consumer Complaint, M/s J.Basheer & Associates, CBI, NIACL, CBI, NIACL, CBI, NIACL, M/s Allianz, Allianz, NIACL, the Written Statement, Insured, NIACL, NIACL, NIACL, M/s Flat Products, M/s Flat Products, 07.08.2002, the Insured., NIACL, Cold Rolling Mill, Insured, Insured, M/s Flat Products, Insured, Cold Rolling Mild Steel, NIACL Letter, NIACL, Insured, NIACL, 07.12.2022, NIACL, Insured, NIACL, NIACL, Insured, TDS, Insured, NIACL, the Reinstatement Value Clause, Insured, the Reinstatement Value Clause, Insured, NIACL, Insured, Insured, Insured, Rs.05, TDS, NIACL, M/s Flat Products, Insured, NIACL, Insured, Insured, NIACL, Insured, M/s Flat Products, Insured, NIACL, Insured, NIACL, Quantum, NIACL, Insured, NIACL, Court, M/s Flat Products, Insured, M/s Mukand Limited, M/s Flat Products, Insured, Insured, NIACL, Insured, M/s Flat Products, Insured, NIACL, Insured, Insured, NIACL, Insured, Insured, Insured, New India Assurance Co. Ltd., R.K. Singhal & Company Private Ltd., Insured, Insured, A.K. Govil & Associates, Regional Office, Insured, Insured, P.C. Gandhi & Associates, Insured, Insured, Emphasis, M/s Flat Products, Insured, Insured, NIACL, NIACL, Insured, NIACL, Insured, Insured, NCDRC, NIACL, NIACL, M/s. Modem Denim Ltd., Modem Denim Ltd., The Additional Affidavit, NCDRC, NIACL, NIACL, Oswal Plastic Industries, Oswal Plastic Industries, the Civil Appeals, Insured, Insured, NCDRC, National Commission, Oswal Plastic Industries, NCDRC, Court, the Insurance Company, NCDRC, Insured, Oswal Plastic Industries, NCDRC, Insured, Oswal Plastic Industries, Oswal Plastic Industries, Protection of Policyholders’ Interests) Regulations, IRDA, Insured, Insured, Learned Senior Counsel, NIACL, NIACL, NIACL, Reliance General Insurance Company Ltd., Insured, Sumit Kumar Saha, Sri Venkateswara Syndicate, Court, NCDRC, NIACL, NCDRC, NIACL, SLP, Insured, NCDRC

PERSON: Versus M/s, C.A. Nos, Misc, Crores, Complainant, Sanjay Jain, Sanjay Jain, Joy Basu, Rs.11,80,87,699/-.27, Dharmendra Goel, by:1, b. Particular, Memorandum, Supplier, No.1132160705785, Mill Housings, Zentrum, Mill, Mill, Mill, D.D. Sengupta, Crores, Crores, Insurer, Mill, Mill, Joy Basu, Joy Basu, R.K. Singhal, Insurer, Crores, Crores, P.C. Gandhi, Associates, Surveyor, Surveyor, Exhibit R-2, Surveyor, Sanjay Jain, Dharmendra Goel, Dharmendra Goel, Insurer, Surveyor, basis.81, Civil Appeal

DATE: 2024, 2009, 5242-5243, 2009, 2022, 2009, the year 2007, 2000, 2009, the expiry of two months, 11.12.2001, 2009, 2008, 2000, 5242-5243, 2009, 2000, 29.08.2008, 12.12.1998, 12.12.1998, 24.03.1999, 16.06.1999, 2000, 12.12.1998, 11.12.2001, 27.03.2002, 03.05.2002, 11.01.1999, September-October, 1999, 12.11.2002, eleven months, 11.12.2001, 12 months, 1018, about 08 months, 12 months, nearly two years later, 28.06.2001, 27.03.2002, 07.12.2002, ten years, today, 14 07.12.2002, 2009, 1938, 2002, two years, January, 2023, 2008, 12.01.2002, 15 days, 22 32, 12 months, 12 months, 6 months, 12 months, 12 months, 6 i. months, 39, 12.12.1998 i.e., 14.12.1998, year, the previous two years, 18.12.1998, 22nd December 1998, Para 14, 10.02.1999, 12.12.1998, 24.03.1999, 10.06.1999, 16.06.1999, 27.10.1999, ten months, 24 months, 23.03.1988, 09.01.1989, 12 months, 24th March, 1999, the last about 1½ year, 16.06.1999, 2000, 16.06.1999, August, 1999, 20.03.2001, 29.03.2001, 10.07.2001, 11.12.2001, 18.01.2002, 27.03.2002, 27.03.2002, 03.05.2002, 09.07.2002, two week’s, 1250, 54, 12.11.2002, 55, 25 years, eight years, Eight years, 1989, 1999, as 17 years, as less than 10 years, 03.01.2003, 42 57, 14.12.1998, 03.05.2002, 24.06.2002, 16.06.1999, 4459, 60, 16.06.1999, November 2001, November, 2001, 03.05.2002, 09.07.2002, two weeks, between December, 1998 and, July 1999, July, 1999, 12th December, 13th December 98, December, 17th December, 22nd December 1998, July, the month of November 2001, July, 1999, 12.11.2002, 12.11.2002, July, 1999 67, 10.11.2002, less than 10 years i.e., 10 years, 20 years, 20th December, 2006, 19th March 2003, 53, 25th February, 2003, 03.01.2003, 72, 5242-5243, 2009, 76, 2002, 15 days, July, 1999, 2009, 2019, 16, 58, 12.11.2002, 2009, 2000, 2009, 5242-5243, 2009, 2000, April 30, 2024

GPE: K.V., Viswanathan, New Delhi, O.P., Rs.62,09,655/-, Thane, GmBH, Germany, Germany, New Delhi, Insured, 03.01.2003, O.P., 03.01.2003, Viswanathan, New Delhi

NORP: J.1, contra, contra, d.

CARDINAL: 2009.2, 1, 27.11.2018, four, 2, 13,51,27,000/-, 37, 18.91, 28.09.1999, 35.08, 35.08, 29.01.1999, 4, 20, 25, 25, 6, several 6, 27.03.2002, 31.37, 20, 6, 7, 11.12.2001, 15, 17, 9, two, 2, 4, 6, 4,92,80,905/-, 24.03.1999, 26.11.1999, 10.02.2000, 07.03.2000, 11, 3.75, 20, NCDRC.19, 12, 11.12.2001, 13, 11.12.2001, 2, 15, 28, 4, 17, 11.12.2001, 19.55, 80, 8, 18, 20, 25, 28, 11.12.2001, 28, 6, 6, 21, Two, 3, 13 to 22, 23, 9, 9, 9, 24, more than one, 264, 27, 28, more than one, 29, 30, 04.02.1999, three, 31, 1.4, 1500, 2500, 720, 32, 4,98,80,905/-, 3.75, 33, 25, 20,95,00,000/-, 21.08.1999, 34, 26.11.1999, 16.12.1999, 23.07.1999, 20, two, two, 10.02.2000, 07.03.2000, 28.04.2000, 16.6.99, 20.95, 36, 30.05.2000, 15.95, 73, 3, 10.04.2000, 26.07.2000, 37, 26.07.2000, 16.04.2000, 18.09.2000, 26.10.2000, 19.55, 13.51, 38, One, 24.06.2002, 39, 20, two, 11.12.2001, 28.06.2001, 20, 20, 41, 11.12.2001, 7.88, 5, 2.88, 43, 20, 3.75, 16.06.1999, 28.06.2001, two-fold, 45, 20, 25, 28, 25, 09.12.1999, 09.12.1999, 46, 28, 11.12.2001, 11.12.2001, 04.02.1999, 5.21, 47, 11.12.2001, 27.03.2002, 28.06.2001, 20, 27.03.2002, 6, 24.06.2002, 12.11.2002, 48, 04.02.1999, 7.20, 49, 11.12.2001, 1.00, 13.12.98, 20, 50, 04.02.1999, 11.12.2001, 28.06.2001, 11.12.2001, 19.06.2001, 5.23, 51, 6, 20, 12.11.2002, 11.12.2001, 27.03.2002, 52, 07.12.2002, 60%68, 2.88, 54, 2, 1,34,07,836/-, 29,17,500/-, 12, 9, 56, 3, 11.12.2001, 57, 8), 59, 82, 60

FAC: Rs.13,15,27,000/-, Regulation 9(3, Account Payment.41, Cold Rolling Mill, Sri Venkateswara Syndicate v. Oriental Insurance Co. Ltd

PERCENT: 10%, 32%, 32%, 60%, 32%, 32%, 60%, 60%, up to 75% - 80%, 32%, 60%, 32%, 32%, 60%, 32%, 32%, 60%, 15%, 18%, 60%, 32%, 32%, 4%, 40%, 60%, 60%, 60%, 32%, 32%, 32%, 32%, 60%, 40%, 60%, 4%, 5%, 75% - 80%, 75%, 50%, 60%, 60%, 60%

MONEY: 6 Hi, 6 Hi Cold, 6 Hi, 6 Hi, 6 Hi Cold

PRODUCT: Rs.25, 2023 SCC OnLine, Respondent, Memorandum, Para 14, Para 6.3, NIACL.71

WORK_OF_ART: IRDA Regulations, Interim Survey Report

EVENT: Para 15, Cold Rolling Mill, Cold Rolling Mill, Regulation 9(3

LOC: Respondent

ORDINAL: first, First, Firstly, Secondly, First, Firstly, second, second, second, first

TIME: the evening