M/S. L.K. TRUST versus EDC LTD. & ORS.

M/S. L.K. TRUST versus EDC LTD. & ORS.

No transfer of the mortgaged property had occurred in favour of appellant; no concluded contract existed; respondent No. 3's statutory right to redeem remained extant and was not extinguished; acceptance by respondent No. 1 of redemption was not illegal. Appeals and contempt petition lacked substance and were dismissed.

Parties
Appellant: M/S. L.K. TRUST; Respondent: EDC LTD.; Respondent: State Bank of India; Respondent: Respondent No. 3 company (not named in text)
Jurisdiction
India
Judgment Date
10 May 2011
Procedural Posture
Civil Appeal / Final Decision on Appeal and Contempt Petition
Outcome
Appeals and contempt petition dismissed; parties to bear their own costs.
Legal Topics
Right of Redemption, Mortgages, Transfer of Property Act, Special Leave Petition, Maintainability of Petition, Contract Formation, Status Quo Orders, Contempt of Court
Property Law Constitutional Law Right of Redemption Mortgages Transfer of Property Act Special Leave Petition Maintainability of Petition Contract Formation +2 more

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Parties

M/S. L.K. TRUST

Appellant

EDC LTD.

Respondent

State Bank of India

Respondent

Respondent No. 3 company (not named in text)

Respondent

Procedural Posture

Civil Appeal / Final Decision on Appeal and Contempt Petition

Legal Issues

  1. 1 Whether there was a concluded contract for sale of mortgaged property between appellant and respondent No. 1
  2. 2 Whether respondent No. 3's right of redemption was extinguished
  3. 3 Maintainability of Special Leave Petitions against interim or withdrawal orders of writ petitions

Ratio Decidendi

No transfer of the mortgaged property had occurred in favour of appellant; no concluded contract existed; respondent No. 3's statutory right to redeem remained extant and was not extinguished; acceptance by respondent No. 1 of redemption was not illegal. Appeals and contempt petition lacked substance and were dismissed.

Court Disposition

Appeals and contempt petition dismissed; parties to bear their own costs.

Orders

  • Appeals dismissed.
  • Contempt Petition dismissed.