MEENAKSHI SAXENA vs ECGC LTD(FORMERLY KNOWN AS EXPORT CREDIT GUARANTEE CORPORATION OF INDIA LTD)

The Supreme Court held that under the Consumer Protection Act, the insurer's obligation to pay 90% of the loss as per the insurance policy was binding, and the NCDRC's decision to reduce the payment to 79.5% was erroneous. The Court reaffirmed the principle that contractual terms must be honored, and the insurer's failure to comply constituted deficiency in service under Section 2(1)(g) of the Consumer Protection Act, 1986. The Court restored the District Forum's order directing the insurer to pay the full amount along with interest and litigation costs.