KUMAR Vs. R RAVINDAR KUMAR

JUDGEMENT

(1.) The plaintiffs in the original suit are the appellants in the second appeal. The suit was filed by the mortgagor (appellants herein) for redemption of a mortgage dated 07.08.1995. The amount secured was Rs.10,000/-. The contractual interest was 24% p.a.

(2.) The suit came to be filed on 29.01.1997 and after obtaining an order from the Court, the entire amount due, as calculated by the mortgagor, was deposited to the credit of the suit on 31.01.1997 itself. The amount thus deposited was Rs.13,567/-. The said amount seems to have been deposited on correct calculation of interest from the date of mortgage till the date of deposit at the contractual rate.

(3.) However, the mortgagee, who was the defendant in the suit (respondent herein), resisted the suit contending that there was yet another mortgage created in his favour for a sum of Rs.25,00,000/- and that unless and until the said debt secured by the said mortgage was discharged, the mortgagor could not seek redemption of the suit mortgage.