NEW INDIA ASSURANCE COMPANY LTD. THROUGH ITS MANAGERversusM/S TATA STEEL LTD.
Case No.: CIVIL APPEAL No. 2759/2009
Decision Date: 30-04-2024
Disposal: Disposed off
Neutral Citation: 2024INSC356

SURYA KANT*, K.V. VISWANATHAN Issue for Consideration A 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 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 

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