HOPE MILLS LIMITED Vs. SIR COWASJI JREADYMONEY

JUDGEMENT

(1.) This is a suit by the plaintiffs, the Hope Mills Company, to redeem three mortgages of the year 1900 should it be found that the second and third of these have been bona fide purchased by the first mortgagee for himself, and incidentally to have the two agreements of the years 1901 and 1905, respectively, should defendant No. 1 rely upon them, declared invalid and not binding on the plaintiff Company.

(2.) On the 5 of April 1900, the plaintiff Company mortgaged the Hope Mills to the defendant No. 1 for five lakhs rupees. The second and third mortgages were effected by one and the same instrument on the 31 of May 1900, and these two . mortgages have been referred to throughout the case as Tokersey's and Ichharam's mortgages.

(3.) On failure to pay the first installment of interest, the defendant No. 1 entered into possession on the 14 December 1900. In March, 1901 the defendant No. 1 put the mortgaged property up for sale, but as the reserved price was not reached, it was withdrawn and no sale effected.