Supreme Court · 2023 INSC 30 · Decided 13 January 2023
M/S Oswal Plastic Industries v. Manager, Legal DEPTT. N.A.I.C.O. LTD
- Court
- Supreme Court of India
- Citation
- 2023 INSC 30 · [2023] 1 S.C.R. 985
- Case number
- CIVIL APPEAL No. 83/2023
- Decided
- 13 January 2023
- Bench
- M.R. SHAH, C.T. RAVIKUMAR (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
Headnote
Insurance - In case of damage of the plant and machinery due to fire, whether the complainant entitled to reinstatement value or depreciated value under insurance policy - Appellant subscribed to a Fire & Perils policy - A fire broke out and the surveyor assessed the loss at Rs.12,60,000/ - on depreciated value - Insurance company despite the reports of the surveyor, repudiated the claim - State Commission relying on the surveyor report, awarded Rs.29,17,500/- with 9% interest from the date of repudiation observing entitlement on reinstatement value
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