F.A. No. 574 of 2010. Case: V.K.C. Credit and Forex Services Pvt. Ltd. Vs New India Insurance Company Ltd.. Tamil Nadu State Consumer Disputes Redressal Commission

Case NumberF.A. No. 574 of 2010
CounselFor Appellant: K. Ravikumar, Advocate and For Respondents: B. Gopalan, Advocate
JudgesR. Regupathi, J. (President), A.K. Annamalai, Member (J) and P. Bakiyavathi, Member
IssueConsumer Law
CitationII (2015) CPJ 23
Judgement DateJanuary 14, 2015
CourtTamil Nadu State Consumer Disputes Redressal Commission


A.K. Annamalai, Member (J)

  1. The appellant is the complainant filed a complaint before the District Forum against the opposite party praying certain relief. The District Forum dismissed the complaint. Against the said order, the appellant/complainant filed this appeal praying for to set aside the order of the District Forum in CC.No.63/2007, dated 27.4.2010.

    This appeal coming before us for hearing finally on 18.12.2014, upon hearing the arguments on either side, perusing the documents, lower Court records, and the order passed by the District Forum, this Commission made the following order.

    The unsuccessful complainant is the appellant.

    The complainant having Forex services dealing with various money transactions including foreign currencies, Travellers Cheques, Cash, etc. obtained a policy from the opposite party covering the risk up to Rs. 23,25,00,000 continued the policy for the year 2002-2003 covering the branch offices with the risk coverage restricted to defined mishaps occurring during transit between the declared addresses for the specific limit of coverage for every branch, compulsory reporting of addresses of existing branches as well as opening of new branches and submission of statement relating to the transactions and accordingly a new policy was issued on 23.6.2003 for the sum being Rs. 20 crores on payment of premium of Rs. 1.10 lakh with condition under the head distance "Various between various branches to banks, customer places, dealers, other money changes, directors, residence and transit between branches anywhere in India. On 7.5.2004 when the complainant's Area Manager Badrinarayanan was carrying travellers cheques 40 in numbers valid 20,000 US dollars from New Delhi office at South Extension-II to their Gurgaon Branch, the cheques were lost and complaint was lodged and on the basis of the same when the claim was made the opposite party repudiated the claim even though Surveyor assessed and recommended the loss for Rs. 8,65,000 and the original policy was not issued by the opposite party and thereby a consumer complaint came to be filed.

  2. The opposite party denying the allegations contended that the complainant had forwarded a letter dated 20.6.2003 containing with a list of branch offices and seeking money insurance for the branches covered and the cover stated to be required for a sum of Rs. 20 crores with insured limit for Rs. 5,00,000 for one incident limit and thereby the intention is not to grant...

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