Civil Procedure Code, Section 47,38 -- Order 21 - Rate of interest awarded by competent Court - Not within jurisdiction of Executing Court to hold whether same correct or not - Mortgage suit based on specific contract between the parties, Court passed decree granting interest @ 12.5% per annum and said decree became final and binding between the parties - Objection by..........
Civil Procedure Code -- Provisions of Order 34 a self - contained Chapter in the Code - Suits relating to mortgage filed, pursued, decreed and decree executed under provisions of Order 34 - Rule 11 of Order 34 specifically stipulates extent and manner of interest which Court may award pendente lite and future-Mortgage suits are based on special contract - Terms and..........
Limitation Act, 1963, Article 61 -- Usufructuary mortgage - Redemption - Where no time is prescribed for redemption of the land, the mortgagee cannot claim to have become absolute owner and got title to the property merely by expiry of period of 30 years - Since no time is prescribed for redeeming the land, the mortgagor has the right to get the property redeemed, there..........
Civil Procedure Code, 1908, Order 34, Rule 11 -- Equitable mortgage - Suit by Bank for recovery of loan - Interest - It is no longer obligatory to award contractual rate after date of suit and upto date fixed for redemption or upto date of realisation or actual payment - Sections 21, 35 and 21-A of Banking Regulation Act, 1949 do not affect O.34.R.11 CPC - Discretionary..........
Civil Procedure Code, Section 34 -- Not applicable to mortgage suits - Section 34 applies to simple money decrees and payment of interest pending such suits...........
Civil Procedure Code -- Order 34 - Interest on mortgage suits, pendente lite and future - Discretionary power given to Court under Order 34 Rule 11 to cut down rate of interest - Independent power - Neither traceable to Section 74 Contract Act nor to any power in Usurious Loans Act, 1918, nor to any State statute - Not obligatory on part of Court while passing preliminary..........
Banking Regulation Act, 1949, Section 21 -- A, 21 and 35 - Section 21 - A not intended to over - ride Order 34 Rule 11 Civil Procedure Code - Non - obstante clause in Section 21 - A over - rides Usurious Loans Act, 1918, and any other law relating to indebtedness in force in any State - Question whether for the period during pendency of mortgage suit Court's discretion..........
Civil Procedure Code, Section 34 -- Order 34 Rule 11 deals with mortgage suits and payment of interest - To mortgage suit special provisions in Order 34 Rule 11 alone applicable and not Section 34...........
Limitation, Article 61 -- Redemption of usufructuary mortgage - No period of limitation prescribed - Mortgagee in possession of property and mortgage not for a fixed period - Since no time prescribed for redeeming - Mortgagor has right to get property redeemed - No limitation for redeeming such mortgage - Ram Rakha's case 1997 (2) PLJ 637 SC Not Applicable - Transfer of..........
Limitation Act, 1963, Section 18 -- Acknowledgment - Mortgage - Redemption - Right to redeem the mortgage would start running afresh from the date of acknowledgment - A suit could be filed within a period of 30 years...........
