MANDAKINI HULE Vs. LACHMAN JIWNANI

JUDGEMENT

(1.) The plaintiff, has filed the present suit under Order XXXIV Rule 4 of the Code of Civil Procedure, 1908 (hereinafter referred to as the said Code) praying for a preliminary decree directing the defendant to pay the plaintiff an amount of Rs. 20,45,020/- along with pendente lite and future interest thereon @ 7.5 per cent per annum and in case of default on the part of the defendant for the sale of property bearing No. 30, Mayfair Gardens, New Delhi (for short the said property) which is stated to have been mortgaged with him by the defendant who is stated to be the owner of the said property.

(2.) The plaintiff claims that the defendant had mortgaged the said property with him for a sum of Rs. 6,00,000/- on 15.04.1985 and subsequently for a sum of Rs. 11,00,000 on 3.06.1987. It is averred that the defendant had executed a promissory note in respect of a loan of Rs. 6,00,000 advanced to him by the plaintiff promising to repay the same with interest @ 18 per cent per annum.

(3.) The defendant is stated to have deposited the title deed of the said property being the original perpetual sub-lease deed with the intention to create an equitable mortgage on the said property to secure the loan amount. It is also claimed that the defendant wrote and executed a memorandum dated 15.04.1985 reciting the factum of having taken a loan of Rs. 6,00,000 on interest of 18 per cent per annum and having deposited the title deeds of the said property with the intent to create an equitable mortgage on the said property in favour of the plaintiff.