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Industrial Products India, Industrial Manufacturers & Suppliers
 




 
   
 
 
 

HC asks Essar Steel, New India Assu

HC asks Essar Steel, New India Assurance to appoint arbitrator to settle row
 
 In a relief to Essar Steel (India) (ESL), the Bombay High Court has directed the Ruia-controlled company and New India Assurance to appoint an arbitrator to settle their dispute over a Rs 890-crore insuranceclaim against a 'terrorist' attack on the company's pipelines. 

The steel-making arm of the $27-billionEssar Group had approached the court to appoint an arbitrator to settle its dispute with the country's largest general insurance company. 

Essar Steel had claimed damages caused to its pipelines in Chitrakonda, Odisha, in a Naxal attack in 2010. The total property loss was Rs 9.8 crore and the business interruption loss was assessed at 881 crore

Justice Anoop Mohta, while granting relief to ESL, stated in the order, "I am inclined to observe that there exists an arbitration clause between the parties, which is sufficient to consider the prayer of the applicant to appoint the arbitrator/tribunal." 

In February 2013, ET had first reported Essar Steel's move against New India Assurance. When contacted, Tuli & Co, a law firm representing the New India Assurance, declined comment. Essar Steel, which was being represented by Chandubhai Mehta and Faiza Dhanani of law firm Dhruve Liladhar, argued that the insurer was aware of the threat possibilities at the time of issuing the policy.

 
     
 
   
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