{"id":144012,"date":"2006-05-22T00:00:00","date_gmt":"2006-05-21T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/ms-prakash-industries-ltd-mr-vs-national-insurance-co-ltd-on-22-may-2006"},"modified":"2018-11-23T13:54:30","modified_gmt":"2018-11-23T08:24:30","slug":"ms-prakash-industries-ltd-mr-vs-national-insurance-co-ltd-on-22-may-2006","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/ms-prakash-industries-ltd-mr-vs-national-insurance-co-ltd-on-22-may-2006","title":{"rendered":"M\/S.Prakash Industries Ltd.,Mr. … vs National Insurance Co. Ltd., … on 22 May, 2006"},"content":{"rendered":"
National Consumer Disputes Redressal<\/div>\n
M\/S.Prakash Industries Ltd.,Mr. … vs National Insurance Co. Ltd., … on 22 May, 2006<\/div>\n
  \n \n \n \n \n \n NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION\n  \n \n \n \n \n \n \n\n\n\n\n\n\n\n \n\n\n\n \n\nNATIONAL CONSUMER DISPUTES\nREDRESSAL COMMISSION\n\n \n\n  NEW\n  DELHI \n\n \n\n \u00a0\n\n ORIGINAL\nPETITION NO. 86 OF\n1998 \n\n \n\nM\/s.Prakash\nIndustries  Ltd. \n\n \n\n Regd . Office : 15 Km Stone \n\n   Delhi Road\n\n \n\nHissar. (Haryana) \n\n \n\n \u00a0\n\n \n\n Head-office :   Business  Park \n\n \n\n25 Shivaji\nMarg \n\n \n\n  New Delhi  110 015. \nComplainant \n\n \n\n \u00a0\n\n \n\nVersus \n\n \n\n \u00a0\n\n \n\n1. National\nInsurance Co. Ltd. \n\n \n\n Regd . Office :   3\n  Middleton Street \n\n \n\nKolkatta  700\n071. \n\n \n\n \u00a0\n\n \n\n2. The\nGeneral Manager \n\n \n\nNational\nInsurance Co. Ltd. \n\n \n\n  3\n  Middleton Street \n\n \n\nKolkatta  700\n071. \n\n \n\n \u00a0\n\n \n\n3. The\nSr.Divisional Manager \n\n \n\nNational\nInsurance Co. Ltd. \n\n \n\nDivision No.XXIV \n\n \n\nBuilding\nNo. 2 & 3 (1st floor) \n\n \n\nCentral\nMarket \n\n \n\nWest\nPunjabi Bagh \n\n \n\n  New Delhi  110 026. \n\n \n\n \u00a0\n\n \n\n4. The\nBranch Manager \n\n \n\nNational\nInsurance Co. Ltd. \n\n \n\n36\nNetaji Subhash Marg \n\n \n\nDarya Ganj \n\n \n\n  New Delhi  110002.  Opposite\nParties \n\n \n\n \u00a0\n\n \n\n \u00a0\n\n \n\n BEFORE : \n\n \n\n HONBLE\nMR.JUSTICE M.B. SHAH, PRESIDENT \n\n \n\n HONBLE\nMR. JUSTICE S.N. KAPOOR, MEMBER \n\n \n\n \u00a0\n\n \n\nFor the Complainant : Mr.\nG.L. Rawal, Sr.Advocate\nwith \n\n \n\n Ms.Preeti, Advocate  \n\n \n\n \u00a0\n\n \n\nFor the Opp.\nParties : Mr.Joy Basu\nand Mr.Abhishek Kumar,  \n\n \n\nAdvocate\n \n\n \n\n \u00a0\n\n \n\n 22.05.2006 \n\n \n\n \u00a0\n\n ORDER\n<\/pre>\n
 M.B. SHAH, J., PRESIDENT<\/p>\n
 \u00a0<\/p>\n
 Heard the learned counsel for the parties exhaustively.\n<\/p>\n
 \u00a0<\/p>\n
Undisputedly on 29.2.1992, the
\ncomplainant company took a Marine- cum-Erection Policy from the opp.party insurance company for a sum of Rs.2.65 crores. The
\ncomplainant had paid a premium of Rs.1,07,318\/- by cheque dated 5.3.1992.
\nFurther, the complainant gave a bank guarantee in favour
\nof the insurance company for a sum of Rs.1 lakh in
\norder to cover the premium under the aforesaid policy as provided in Section
\n64VB(1) of the Insurance Act, 1938.\n<\/p>\n
 \u00a0<\/p>\n
 Further,
\nthe complainant has produced on record the debit notes starting from 1.6.1992
\nindicating premium payable by the complainant.
\nFirst debit note is dated 16.6.1992 wherein it is specifically stated –
\nthe debit should be settled before the last date of the next calendar
\nmonth. It is also specifically
\nprovided that extension of the policy was up to 31.8.1992. The next relevant debit note is dated
\n26.8.1992 wherein a premium of Rs.3,709\/- was demanded
\nfrom the complainant. In that debit note
\nalso, it is specifically mentioned that the debit should be settled before the
\nlast date of the next calendar month.\n<\/p>\n
That means, the complainant was required to pay
\nthe premium before 30.9.1992. The
\nvalidity of the policy was also extended up to 30.9.1992. To that effect there is a specific endorsement :\n<\/p>\n
Extension of
\nMarine Policy of Solvent Recovery Plant by one month, i.e., up to 30.9.92.\n<\/p>\n
 \u00a0<\/p>\n
  Admittedly,
\nthe said amount was paid by the complainant on 28.9.1992.\n<\/p>\n
 Further,
\nthere is no dispute that the fire broke out in the premises on 20.9.1992. For the said fire, the claim was filed on
\n21.9.1992.\n<\/p>\n
Thereafter on 22nd and  23rd September 1992, the surveyor – Mr.D.K. Bhan,
\nvisited the plant of the complainant. He
\nsubmitted his Preliminary Survey Report on 18.12.1992. In the said survey report, he estimated the
\nloss at Rs.40,00,000\/-.\n<\/p>\n
 \u00a0<\/p>\n
Thereafter, Final Survey Report was submitted by him on 18.8.1994
\nwherein he arrived at the conclusion that net loss assessed was Rs.22,39,817\/-.\n<\/p>\n
 \u00a0<\/p>\n
Thereafter, Sr.Divisional Manager wrote a
\nletter to Executive Director of the complainant on 16.10.1995 that the claim
\nwas forwarded to the head-office.\n<\/p>\n
Finally on 16.3.1998, the insurance company repudiated the claim solely on
\nthe ground that the premium in respect of the second extension period was
\nreceived only after the loss and, therefore, the insurance company was
\nnot liable to pay the loss suffered by the complainant. A reference was made to Section 64VB.\n<\/p>\n
 \u00a0<\/p>\n
At the time of hearing of this complaint, learned Senior Counsel Mr.G.L. Rawal, submitted that the
\nofficers of the insurance company or the head-office of the insurance company
\nhave not bothered to supply a copy of the survey report to the
\ncomplainant. There was an unusual delay
\nin deciding the claim for the accident which took place in September 1992. It is his submission that even the reference
\nmade to Section 64VB is without understanding its true meaning because in the
\npresent case, admittedly, the complainant has furnished Bank Guarantee for a
\nsum of Rs.1 lakh to the insurance company which could
\nbe adjusted for the premium payable by the complainant and there is no dispute
\nwith regard to the Bank Guarantee furnished by the complainant and its
\nvalidity. Further, as per the debit
\nnote, the insured was required to pay the premium amount before the last date
\nof the next calendar month and the amount which was required to be paid, was
\npaid on 28th September, i.e., before the end of the month. Hence, the repudiation letter is absolutely
\nunjustified and arbitrary.\n<\/p>\n
 \u00a0<\/p>\n
Learned counsel for the insurance company, Mr.Basu,
\nvehemently submitted that the repudiation letter is justified. He referred to Section 64VB(2)
\nand submitted that the amount was required to be paid either in cash or by cheque and thereafter risk is to be assumed.\n<\/p>\n
 \u00a0<\/p>\n
In our view, this submission is without any substance in view of the
\nfact that the premium amount was guaranteed as contemplated in Sub-section (1)
\nof Section 64VB of the Insurance Act and Rule 58 of the Insurance Rules.\n<\/p>\n
 \u00a0<\/p>\n
Therefore, only question which requires consideration is Section 64VB,
\nwhich reads as under :\n<\/p>\n
 \u00a0<\/p>\n
Section 64VB : No risk to be assumed unless premium is
\nreceived in advance   <\/p>\n
(1)\u00a0\u00a0 No insurer shall assume any risk in India in respect of any insurance
\nbusiness on which premium is not ordinarily payable
\noutside India unless and until the premium payable is received by him or
\nis guaranteed to be paid by such person in such manner and within such time
\nas may be prescribed or unless and until deposit of such amount as may be
\nprescribed, is made in advance in the prescribed manner.\n<\/p>\n
(2)\u00a0\u00a0 For the purposes of this section, in the case of risks for which premium
\ncan be ascertained in advance, the risk may be assumed not earlier than the
\ndate on which the premium has been paid in cash or by cheque
\nto the insurer.\n<\/p>\n
Explanation : Where the premium is tendered by postal
\nmoney order or cheque sent by post, the
\nrisk may be assumed on the date on which
\nthe money order is booked or the cheque is
\nposted, as the case may be.\n<\/p>\n
(3)\u00a0\u00a0 Any
\nrefund of premium which may become due to an insured on account of the
\ncancellation of a policy or alteration in its terms and conditions or otherwise
\nshall be paid by the insurer directly to the insured by a crossed or order cheque or by postal money order and a proper receipt shall
\nbe obtained by the insurer from the insured, and such refund shall in no case
\nbe credited to the account of the agent.\n<\/p>\n
(4)\u00a0\u00a0 Where
\nan insurance agent collets a premium on a policy of insurance on behalf of an
\ninsurer, he shall deposit with, or despatch by post
\nto, the insurer, the premium so collected in full without deduction of his
\ncommission within twenty four hours of the collection excluding bank and postal
\nholidays.\n<\/p>\n
(5)\u00a0\u00a0 The
\nCentral Government may, by rules, relax the requirements of sub-section (1) in
\nrespect of particular categories of insurance policies.\n<\/p>\n
 \u00a0<\/p>\n
This Section is to be read along with Rule 58 of the Insurance Rules,
\n1939 which provides for advance payment of premium. Rule 58 reads as under :\n<\/p>\n
 \u00a0<\/p>\n
Rule
\n58 :\n<\/p>\n
Advance payment of premiums  – For the purposes of sub-section (1) of
\nSection 64VB of the Act, a risk in respect of a policy may be assumed before
\nthe premium payable in respect thereof is received :\n<\/p>\n
(i) If the entire amount of the premium is
\nguaranteed to be paid by a Banking Company before the end of the calendar month
\nnext succeeding to the month in which the risk is assumed, if the premium due
\nis not paid by the insured before that date ;\n<\/p>\n
(ii)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nIf an advance deposit is made with
\nthe insurer to the credit of the insured sufficient to cover the payment of the
\nentire amount of the premium together with the premium, if any, due from the
\ninsured in respect of any other risk already assumed against such deposit, such
\ndeposit being agreed to be adjusted towards the premium before the end of the
\nmonth next succeeding to the month in which the risk is assumed, if the premium
\ndue is not paid by the insured before that date.\n<\/p>\n
 \u00a0<\/p>\n
Reading Section 64VB along with Rule 58, it is apparent that if the
\npremium is guaranteed, then risk can be assumed by the insurance company. In such cases, it cannot be said that as the
\npremium is not paid, no risk was assumed by the insurer. The complainant has
\nguaranteed the payment of premium by furnishing a bank guarantee for a sum of
\nRs.1 lakh.\n<\/p>\n
Secondly, as per the debit-note, the complainant was required to pay the
\npremium at the end of the next month, i.e., up to 30th September
\n1992 and there is no dispute that the same was paid before the end of September
\n1992..\n<\/p>\n
 \u00a0<\/p>\n
In this view of the matter, in our view, the repudiation letter is
\ntotally unjustified and is against the statutory provisions as well as the
\nscheme of Rule 58.\n<\/p>\n
 \u00a0<\/p>\n
In the result, this complaint is allowed. The insurance company is directed to pay to
\nthe complainant, within a period of four weeks from today, a sum of Rs.22,39,817\/-
\nwith interest at the rate of 10% from 20.3.1993 (i.e. after 6 months from the
\ndate of the accident) till its payment.\n<\/p>\n
 \u00a0<\/p>\n
Learned counsel for the complainant submitted that there was an unusual
\ndelay in repudiating the claim as, admittedly, the fire took place in September
\n1992 and the insurance company rejected the claim in March 1998. For this inordinate delay, there is no
\nreply. If insurance companies are
\npermitted to behave in this manner, the persons who have lost their assets due
\nto the contemplated peril, would become bankrupt. In this view of the matter, insurance company
\nis directed to pay compensation of Rs.2 lakhs in
\naddition to the above amount. The said
\namount of Rs.2 lakhs be
\ndeposited with the Registrar of this Commission who in turn shall deposit it
\nwith the Consumer Welfare Fund.\n<\/p>\n
 \u00a0<\/p>\n
 \u00a0<\/p>\n
The complaint stands disposed of accordingly.\n<\/p>\n
 \u00a0<\/p>\n
 \u00a0<\/p>\n
J.\n<\/p>\n
(M.B. SHAH) <\/p>\n
PRESIDENT <\/p>\n
 \u00a0<\/p>\n
 \u00a0<\/p>\n
..J.\n<\/p>\n
(S.N. KAPOOR) <\/p>\n
MEMBER <\/p>\n
\/sra\/ 15
\n\/Court-1 <\/p>\n
 \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
National Consumer Disputes Redressal M\/S.Prakash Industries Ltd.,Mr. … vs National Insurance Co. Ltd., … on 22 May, 2006 NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION NEW DELHI \u00a0 ORIGINAL PETITION NO. 86 OF 1998 M\/s.Prakash Industries Ltd. Regd . Office : 15 Km Stone Delhi Road Hissar. (Haryana) \u00a0 Head-office : Business […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-144012","post","type-post","status-publish","format-standard","hentry","category-judgements"],"yoast_head":"\nM\/S.Prakash Industries Ltd.,Mr. ... vs National Insurance Co. 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