Supreme Court · 2020 INSC 98 · Decided 28 January 2020
Shree Ambica Medical Stores & ORS. v. The Surat People’s Co-Operative Bank Limited & ORS.
- Court
- Supreme Court of India
- Citation
- 2020 INSC 98 · [2020] 3 S.C.R. 359
- Case number
- CIVIL APPEAL No. 562/2020
- Decided
- 28 January 2020
- Bench
- D.Y. CHANDRACHUD, AJAY RASTOGI (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
Headnote
Insurance Act, 1938 - s.64(VB) - Appellants hypothecated goods with first respondent-bank under an agreement for cash credit facility - Appellants were obligated to insure the goods hypothecated to the Bank - Bank, as a routine practice, obtained borrowers and upon receipt of intimation, would remit the premium payable on behalf of the borrowers - Bank obtained first insurance policy for 1998-99 in sum of Rs.60 lakhs, from insurer-third respondent, which covered specific location ("12/1123-1124, Basement, Meghdoot Apartment,
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