Supreme Court · 2024 INSC 356 · Decided 30 April 2024
New India Assurance Company LTD. Through Its Manager v. M/S Tata Steel LTD.
- Court
- Supreme Court of India
- Citation
- 2024 INSC 356 · [2024] 5 S.C.R. 285
- Case number
- CIVIL APPEAL No. 2759/2009
- Decided
- 30 April 2024
- Bench
- SURYA KANT, K.V. VISWANATHAN (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
Headnote
A claim for 35.08 crores was filed by the insured after the '20 Hi Cold Rolling Mill' was totally destroyed due to fire. Since running of the company was important, the Insured got a new 6 Hi Cold Rolling Mill installed in its unit and based on the interim report of the surveyors, a sum of Rs.4,92,80,905/- was released in favour of the Insured by NIACL-insurer. Thereafter, the Insured gave consent for receiving Rs.20.95 Crores as net adjusted loss. However, the NIACL computed depreciation at 60% and settled the claim on
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