Mortgagor can file suits for redemption as long as the mortgage subsists, Says SC

The Supreme Court ruled last week that a mortgagor can file suits for redemption so long as the mortgage subsists. Dismissal of an earlier suit for redemption would not bar the mortgagor from filing a second such suit, the court held in the case, L K Trust vs EDC Ltd. In this case, Falcon Retreat Ltd took a loan from the Goa Government-owned investment company, EDC Ltd by mortgaging its property for a hotel project. It also took loans from State Bank of India. Though 80 per cent of the project was completed, due to global recession, the company

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