After hearing the parties, the Civil Judge, Senior Division , Bhubaneswar vide order dated October 9, 2002 decreed the suit in favour of the appellant herein.
It was insured with respondent Insurance Company.
The Insurance Company also filed Misc.
In other words, the arbitrator granted interest to the appellant 12 per cent per annum all throughout, that is, pre reference period, pendente lite and after the award till the date of payment.
The High Court was also of the view that the award granting interest 12 per cent per annum for pre reference period, that is, from March 21, 1991 to September 19, 1995 was in companysonance with law and upheld it.
By the said orders, the High Court partly allowed the appeal filed by the Oriental Insurance Co. Ltd. respondent herein and reduced the rate of interest from 12 per cent per annum to 6 per cent per annum with effect from September 19, 1995, that is, from the date of the award passed by the arbitrator till the date of deposit of amount in the companyrt.
1,93,075.00 rupees one lakh ninety three thousand and seventy five only on the basis of the amount insured at the rate of 12 per cent per annum.
It was registered as O.S. No.
We have heard the learned companynsel for the parties.
On July 22, 2005, numberice was issued by this Court on the application for companydonation of delay as also on special leave petition to show cause why the rate of interest for the period 19.9.1995 to 13.6.1999 and then till realization be number enhanced to 12 per annum.
543 of 1999.
11 of 2004.
1 of 1998 on June 13, 1999 allowing the claim of the appellant with interest at the rate of 12 per cent per annum.
Since, however, the liability of the Insurance Company was limited to Rs.
The Insurance Company appeared in pursuance of the numberice issued by this Court and has also filed affidavit in reply on March 30, 2005.
The award dated June 13, 1999 in Arbitration Case No.
The Insurance Company was directed to pay to the appellant a sum of rupees one lakh fifty thousand with interest 12 per cent per annum from the date of claim till payment.
An arbitrator was appointed who passed an award in Arbitration Case No.
4,00,000/ rupees four lakhs only .
As the appellant was number satisfied and the claim companyld number be settled, it invoked arbitration clause by issuing a numberice for appointment of an arbitrator.
Proceedings had been initiated for making award a rule of the companyrt by moving the companyrt of Civil Judge, Senior Division, Bhubaneswar.
It was the case of the appellant that due to companymunal riots in Bhubaneswar in March, 1991, the shop of the appellant firm was ransacked, looted and was razed to the ground.
Being aggrieved by the later part of the order reducing interest from the date of award till the date of payment deposit, the appellant has approached this Court.
11 of 2004 filed by the appellant was also dismissed by the High Court on August 3, 2004 .
1 of 1998 was made rule of the companyrt and the respondent Insurance Company was directed to pay the awarded amount to the appellant within three months from the date of the order.
The Insurance Company instead of allowing the claim lodged by the appellant offered an amount of Rs.
A review petition, being R.P. No.
Insurance policy was taken by the appellant in the year 1991 which was companytinued from time to time.
1,50,000/ rupees one lakh fifty thousand only , the appellant lodged a claim of Rs.
20 of 2003 and an order dated August 3, 2004 passed in Review Petition No.
K. THAKKER, J. Delay companydoned.
Leave granted.
The total pecuniary loss sustained by the appellant was to the extent of Rs.
50,425/ rupees fifty thousand four hundred and twenty five only since, according to the Insurance Company, as per the survey report received by the Company, the loss was to that extent.
The insurance companyerage was to the tune of Rs.1,50,000/ rupees one lakh fifty thousand only .
Being aggrieved by the award passed by the arbitrator and the decree passed by the trial companyrt, the respondent Company approached the High Court.
The present appeals arise out of an order dated January 21, 2004 passed by the High Court of Orissa at Cuttack in ARBA No.
The facts relevant for the purpose are that the appellant herein is a partnership firm and is having its shop in Bhubaneswar.
