ORIENTAL INSURANCE COMPANY Vs. H P STATE CO-OPERATIVE BANK LTD

JUDGEMENT

(1.) ADMITTED facts of this case are, that vehicle bearing registration No. HIS -9173, a 1988 Model Tata 1210 truck was insured in the sum of Rs. 3,00,000 between 24.4.1997 and 23.4.1998 as per policy of insurance, copy whereof is Annexure R -1 It was insured on "IEV" (Insured's estimated value").

(2.) THIS vehicle during the validity of the insurance policy met with accident and was washed away. On receipt of intimation, surveyor was appointed, and as per his report its market value was assessed at Rs. 1,33,500. Surveyor's report is Annexure R -3 and its copy is at page 43 on wards of the complaint file. This amount was paid by the appellant to the liquidator of respondent No. 2, the registered owner of the vehicle as well as the respondent No. 1, its financier bank. At the time of hearing it was not again in dispute that the vehicle was financed by respondent No. 1 -Bank.

(3.) WHILE receiving amount vide Annexure R -5 on 23rd September, 1999 respondent No. 1 Bank (the financier), had issued a letter to the appellant on the same day that his amount has been received under protest. This was before the clique was encashed.