Supreme Court of India
Canara Bank v. M/s United India Insurance Co. Ltd. & Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
3 Supreme Court benches have cited this judgment.
What the Court ordered
We hold that in terms of the clause discussed above the insurance company is liable to pay the value of the goods as on the date of the fire, we feel that the National Commission was right when it came to the conclusion that it was not possible to award an a mount based on the variety-wise periodic report of the Bengaluru market.
Judgment, page 28
From the headnote
Consumer Protection Act, 1986 – s.2(d) – “Beneficiary” under the insurance policy availed by the insured, if “co nsumer” under the Act – Tripartite agreement between farmers, Bank and col d store – Farmers’ agricultural produce was stored in cold store – Cold store got the stocks insured from an insurance company – Farme rs hypothecated agricultural produce to the Bank – Bank issued loans – Agricultural produce destroyed by fire – Farmers cla imed that the insurance company was liable to pay the value of the agr icultural produce as on the date of fire – Insurance company contended that the
Authorities it was built on
- 2006 Raghunath Rai Bareja and Anr. v. Punjab National Bank and Ors.
- 2004 United India Insurance Co. Ltd. v. M/s. Harchand Rai Chandan Lal
- 2009 Satwant Kaur Sandhu v. New India Assurance Company Ltd.
- 2010 M/s Suraj Mal Ram Niwas Oil Mills (p.) Ltd. v. United India Insurance Co. Ltd. & Anr.
- 1969 M.C. Chacko v. State Bank of Travancore, Trivandrum
Where later benches applied it
- 2024 United India Insurance Co. Ltd. v. M/s Hyundai Engineering & Construction Co. Ltd. & Ors.
- 2023 New India Assurance Co. Ltd. & Ors v. M/s. Mudit Roadways
- 2023 M/s Oswal Plastic Industries v. Manager, Legal Deptt. N.A.I.C.O. Ltd
Of those, 3 referred to
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