Applicant states that its proprietor signed all the documents. Since the Respondent Bank had represented that it will be responsible for the insurance of the premises and the stocks, he (Applicant) never took any separate insurance policy for the property and the stock in trade. It is alleged that from time to time, Bank deducted the amount of insurance premium from his account. However, no document of insurance, such as, insurance policy or cover note was ever provided by the Respondent Bank. When he enquired the Bank Officials in this regard, he was informed that all the documents are required to be retained by the Bank itself during the term of loan as the properties are under mortgage. Applicant also states that as per the terms and conditions of the sanction, the property had to be valued by the valuers and engineers for which purpose, the site verification and valuation was carried out. A copy of the Engineer’s Valuation Report with photographs evidencing his site visit is Annexure A-6. Further, as per the terms and conditions of the sanction letter for the Term Loan against the property as well as for the Cash Credit Facility for the stock, it was required that the Applicant would submit the financial statements, balance sheets and other financial documents to the Respondent Bank from time to time including at the time of renewal of OCC Limit. Applicant states that in compliance of the said requirement, he continued to submit all the documents from time to time and the Bank had never any grievance in respect of the same. However, the Respondent Bank fraudulently got the insurance for the lesser value of stocks. It is stated that on 29.11.2019 at about 9:00 p.m., a major fire broke out at his property, which completely destroyed the property, stocks, some cash and the documents. He made all possible efforts to control the fire. However, on account of the nature of stocks, i.e. cycles having rubber tyres, the entire stock was destroyed. Applicant states that on the very next day, he intimated Mr. Vidya Charan Upadhayay, Branch Manager, who himself
