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High Court Allows Bank Appeal, Holds Guarantors Liable for Loan Recovery; Trial Court's Dismissal Against Guarantors Reversed. Equitable Mortgage by Deposit of Title Deeds Valid and Suit Within Limitation as Guarantors Agreed to be Bound by Principal Borrower's Acknowledgment.

The dispute arose from a loan recovery suit filed by Allahabad Bank against the principal borrower and six guarantors. The bank had sanctioned a loan ...

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Bombay High Court Dismisses Second Appeal in Mortgage Recovery Suit — No Substantial Question of Law Arises. Transfer of Mortgage Rights Requires Proper Registration Under Section 17 of Registration Act, 1908.

The appellant, Milagres Sales Coutinho, filed a second appeal before the Bombay High Court at Goa challenging the judgment and order dated 22.06.2012 ...

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Bombay High Court Allows Revenue's Appeal in Part and Assessee's Appeal on Mortgage Repayment Issue. Repayment of mortgage debt created by the assessee is an expenditure incurred in connection with the transfer of mortgaged asset allowable under Section 48(i) of the Income Tax Act, 1961.

The judgment involves two tax appeals, one by the revenue and one by the assessee, arising from a common issue regarding the allowability of repayment...

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Bombay High Court Quashes Recovery Notice for Stamp Duty on Mortgage Deed Executed by Cooperative Society Under Government Remission Order. Government Order for Remission of Stamp Duty Dated 19.3.1990 Held Binding on Authorities Despite Subsequent Audit Objection.

The petitioner, Yashwantrao Chavan Shetkari Sahakari Soot Girni Maryadit, a cooperative society registered under the Maharashtra Cooperative Societies...

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High Court of Bombay Allows Secured Creditor's Appeal Against Direction to Deposit Title Deeds in Insolvency — Official Assignee Cannot Demand Title Deeds Without Adjudication of Mortgage Validity Under Presidency Towns Insolvency Act, 1909.

The appeal was filed by Punjab National Bank (the appellant) against an order of a learned Single Judge of the Bombay High Court in Official Assignee'...

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Bombay High Court Allows Second Appeal in Mortgage Redemption Case — Appellants Held Entitled to Right of Redemption Along with Respondent No.1. Co-mortgagors' Right to Redeem Mortgage Property Upheld Under Mortgage by Conditional Sale Deed Dated 15th April 1971.

The case involves a Second Appeal filed by the original Defendants Nos. 2 to 8 against the judgment of the lower appellate court. The Respondent No.1,...

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Bombay High Court Allows Second Appeal in Money Lending Licence Renewal Case — Subsequent Renewal Covering Loan Date is Sufficient Compliance. Licence under Bombay Money Lenders Act need not be obtained before advancing loan if renewal subsequently covers the date of advancement.

The appellant, Hind Finance Industries and Investment Limited, filed a second appeal against the concurrent judgments of the trial court and first app...