New India Assurance Company Ltd. vs Tata Steel Ltd. 2024 INSC 356 – Insurance

Summary: NCDRC partly allowed the complaint of the Insured. The NCDRC awarded an amount of Rs.13,15,27,000/- with interest at 10% per 2 annum- Allowing appeal, SC set aside the NCDRC judgment and observed: 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.

Leave a Comment

Your email address will not be published. Required fields are marked *