TP Act | Transaction Can’t Be Regarded As ‘Mortgage By Conditional Sale’ If Condition For Reconveyance Is Not Specified In Same Deed: Supreme Court

Case: Prakash (Dead) By LR. V G. Aradhya & Ors

Coram: Justice Hima Kohli and Justice Rajesh Bindal

Case No.: Civil Appeal No.706 Of 2015

Court Observation: “In terms of the Sale Deed and the Reconveyance Deed, reconsidered in the light of the enunciation of law, as referred to above, in our opinion, the same cannot be held to be a transaction of mortgage of property. Sale of property initially, was absolute. By way of execution of Reconveyance Deed, namely, on the same day, the only right given to the appellants was to repurchase the property.”

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Keywords

TP Act, Supreme Court, Mortgage By Conditional Sale