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SYNDICATE BANK vs. ESTATE OFFICER & MANAGER, A.P.I.I.C. LTD. & ORS.

SCR Citation: [2007] 9 S.C.R. 619
Year/Volume: 2007/ Volume 9
Date of Judgment: 30 August 2007
Petitioner: SYNDICATE BANK
Disposal Nature: Appeal Allowed
Neutral Citation: 2007 INSC 885
Judgment Delivered by: Hon'ble Mr. Justice S.B. Sinha
Respondent: ESTATE OFFICER & MANAGER, A.P.I.I.C. LTD. & ORS.
Case Type: CIVIL APPEAL /7824/2004
Order/Judgment: Judgment
1. Headnote

Transfer of Property Act, 1882: ss. 54 and 58 - Mortgage of land by allottee - Necessity of showing complete/good title and depositing of all the documents of title - Land allotted to a Company for setting up an industrial unit - Allotment letter issued to Company - 50% of the total cost deposited by company - Agreement between the Industrial Corporation and the Company stipulating that on full payment of entire consideration amount, sale deed would be executed and registered in the name of company - Company permitted to mortgage the land to any scheduled bank to obtain financial assistance to the project - Company obtaining loan by mortgaging land with the bank on the basis of allotment letter and the said permission - Validity of mortgage - HELD: There is no clear authority on the question as to whether in absence of any title deed, the property can be a subject matter of mortgage - Besides, the effect of an admission by an authorized representative of the State having regard to the rules of executive business or otherwise vis-a-vis the appellant-Bank also requires consideration - Keeping in view the importance of the issues, the questions: whether for satisfying the requirement of s.58(f) of the Act, it was necessary to deposit documents showing complete title or good title and whether all the documents of title to the property were required to be deposited; and whether in all such cases, the property should have been acquired by reason of a registered document, require consideration by a larger bench so that an authoritative pronouncement can be made thereupon.

2. Case referred
3. Act
      No Data Found!!!!!
4. Keyword
  • Transfer of Property Act
  • 1882:
5. Equivalent citation
    Citation(s) 2007 AIR 3169 = 2007 (8) SCC 361 = 2007 (8) Suppl. SCC 361 = 2007 (10) JT 619 = 2007 (10) Suppl. JT 619 = 2007 (10) SCALE 609