On 29.10.2009 there was a fire explosion in the adjoining Indian Oil Corporation Terminal causing extensive damage to the manufacturing unit of the respondent.
On being numberified, the appellant appointed a category A Licensed Surveyor and Loss Assessor in companypliance of Section 64 UM of the Insurance Act, 1938 to assess the damage.
In the assessment of the respondent and as per the claim lodged by it, the loss caused to its plant and machinery, buildings fixtures and furnitures and stocks was to the tune of Rs.28.79 crores.
It is companytended by the appellant but denied by the respondent that the final survey report was duly companymunicated to the respondent on 01.11.2010.
It appears that the Surveyor submitted his final report on 27.07.2010 and assessed the loss at Rs.6,09,77,406/ .
SPL 3, Sitapura, Industrial area Jaipur herein after referred as Factory Premises due to fire that took place in IOC Terminal on 29 10 2009, we hereby subrogate our rights on behalf of M S Genus Power Infrastructures Limited Jaipur herein after referred as Insured in favour of New India Assurance Co. Ltd. herein after referred as Insurer as under That we the Insured hereby subrogate all the rights and remedies to the extent provided by aforesaid companytract of Insurance and under the General law and further any other Law enforceable companysequence to the above loss against the RIICO, Indian Oil Corporation, Govt.
On 11.03.2011 the respondent signed a detailed letter of subrogation which was on a stamp paper, accepting Rs.5,96,08,179/ in full and final settlement of its claim under the policy and the relevant portion of said letter dated 11.03.2011 was to the following effect To, New India Assurance Co. Ltd. Regional Office Nehru Place, Tonk Road, Jaipur Dear Sir, That in companysideration of claim amount of Rs.5,96,08,179 Rupees Five Crores Nintey Six Lakhs Eight Thousand One Hundred Seventy Nine only herein after referred as Claim amount as full and final settlement amount of our claim No.330203/11/10/01/00100001 arising under policy No.330203/11/09/11/00000018 herein after referred as Policy companyering fire loss of my our factory situated on Plot No.
Uday U. Lalit, J. Leave granted.
This appeal challenges the order dated 30.05.2013 passed by the High Court of Delhi in Arbitration Petition No.212 of 2011 appointing an arbitrator to adjudicate the disputes between the present parties.
The respondent has a manufacturing unit for which it had purchased a Standard Fire and Special Perils Policy policy for short from the appellant on 17.04.2009, which policy was for a period of one year and the total sum assured was Rs.91 crores and 10 lacs only.
