Supreme Court of India
New India Assurance Company Ltd. through its Manager v. M/s Tata Steel Ltd.
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.
What the Court ordered
We hold that the claim was rightly settled by the NIACL letter dated 03.01.2003 which determined the loss amount payable at Rs.7.88 crores after applying 60% depreciation.
Judgment, page 36
From the headnote
Issue for Consideration claim for 35.08 crores was filed by the insured after the ‘20 Hi Cold Rolling Mill’ was totally destroyed due to fire. Since running of the company was important, the Insured got a new 6 Hi Cold Rolling Mill installed in its unit and commenced production. Admittedly, based on the interim report of the surveyors, a sum of Rs.4,92,80,905/- was released in favour of the Insured by NIACL-insurer. Thereafter, the Insured gave consent for receiving Rs.20.95 Crores as net adjusted loss. However, the NIACL computed depreciation at 60% and settled the claim on 03.01.2003
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