MESSRS ALPHA INSURANCE Co. LTD. KARACHI AND Another vs MESSRS M. A. — 1972 PLD 265

Citation: 1972 PLD 265

Court: Sindh High Court

Year: 1971

Decision Date: 1971-12-31

Parties: MESSRS ALPHA INSURANCE Co. LTD. KARACHI AND Another vs MESSRS M. A. JUDGMENT

Headnotes

Case cited as PLD 1972 Karachi 265

Judgment Text

Court Name: Sindh High Court Judge(s): Qadeer-ud-Din Ahmad, Agha Ali Haider Title:MESSRS ALPHA INSURANCE Co. LTD. KARACHI AND Another vs MESSRS M. A. JUDGMENT Reported As: PLD 1972 Karachi 265 Result: A. Judgment JUDGMENT AGHA ALI HYDER, J.-The facts forming he background of this appeal from the order of a learned Single Judge of this Court, dated 31-5-1969, in Execution Application No. 9 of 1969, are as follows :- 2. The respondents had insured the stock of cotton lying in their factory at LiaquatabaJ, against loss and damage due to fire, with the appellants under different insurance policies covering different risks for the period from 3-10-1965 to 15-3-1966. This stock of cotton was already pledged with the National Bank of Pakistan, Lahore Branch, in the sum of Rs. 2,60,000.00. 3. On the night between the 17th and 18th December 1965, a fire broke out inside the said factory in which almost the entire stock was burnt and damaged. The respondents estimated their loss at Rs. 4,90,000.00. As the parties could not breach an amicable settlement, the matter was referred for arbitration under clause 18 of the insurance policies, and the appellants paid a sum of Rs. 2,60,000.00 to the National Bank of Pakistan with whom the cotton stock was .Pledged on the understanding that the amount was to be treated as interest-free deposit to be ultimately set off against the claim of the appellants. Mr. Jalal Roomi was appointed arbitrator by the claimant, i.e. The respondents while Mr.…

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