SR.DIVISIONAL MANAGER,O.I.CO.LTD. vs M/S TARGET PLYWOOD INDUSTRIES LTD.

The Supreme Court addressed a fire insurance claim under the Insurance Act, where the respondent sought Rs. 81.33 lakhs for stock losses due to a fire incident. The Court emphasized the insurer's obligation to honor claims when the insured has paid full premiums and the loss is substantiated, despite discrepancies in stock records. The Court held that the insurer must compensate the respondent based on the final assessment of Rs. 28,64,560.38, affirming the validity of the claim and the necessity of proper record-keeping by the insured.