JUDGMENT

MOHAN M. SHANTANAGOUDAR, J.

1. The instant appeal arises out of the judgment dated 08.06.2009 passed by the High Court of Judicature at Bombay in Second Appeal No. 439 of 1987. Vide the impugned judgment, the High Court set aside the findings of the Trial Court and the First Appellate Court and directed the Trial Court to draw a preliminary decree of redemption of mortgage in favour of the Respondents herein.

2. The factual background to this appeal is as follows:

1.1 The land in question was Paragana watan property/Inam land (hereinafter ‘suit land’). Such watan properties and watans were governed by the provisions of the Bombay Hereditary Offices Act, 1874 (hereinafter ‘Watan Act’). Smt. Laxmibai, wife of one Bhawani Raje Ghadge, was the watandar of the suit land. She had inducted one Mr. Ramchandra (successor of the Respondents herein) as a permanent Mirashi tenant of the land. Such tenancy was hereditary in nature.

2.2 On 14.05.1947, the said Ramchandra (hereinafter ‘Mirashi tenant—mortgagor’) executed a mortgage deed in favour of one Shankar Sakharam Kenjale (hereinafter ‘mortgagee’) mortgaging the suit land with a condition of sale for an amount of Rs. 900/- advanced by S