Ld. Advocates for both the sides have produced judgments on which they relied upon. We have gone through them carefully. The recent judgment of Honble National Commission reported in III (2010) (PJ 445 CNC) New India Assurance Co. Ltd. Vs. Ramesh Rao Bhounsle, wherein the National Commission has relied on Dharmendra Goel Vs. Oriental Insurance Co.(2008) 8 SCC 279. Here, we have similar point in issue and same stands concluded by a judgment of Honble The Supreme Court of India in Dharmendra Goel Vs. Oriental Insurance Company in which it has been held that Insurance Company after having accepted the value of particular insured good, disown that very figure on one pretext or other when they are called to pay compensation. This take it or leave it attitude is unwarranted being bad in law and ethically indefensible.
https://indiankanoon.org/doc/93642108/