( 1 ) THE only question that is involved in this appeal is whether an equitable mortgage by deposit of title deeds created by an undischarged insolvent is legal and valid.

( 2 ) ONE Benoy Krishna Ghatak, since deceased, who was the owner of the disputed property, which is a four-storied building, being premises No. 151e, Raja Dinendra Street, Calcutta was declared an insolvent on Aug. 6, 1953 by the Court of the District Judge at Alipore, 24-Parganas, in Insolvency Case No. 14 of 1952. After he was declared an insolvent, he mortgaged the disputed property by way of equitable mortgage in favour of the plaintiff on Sept. , 23, 1953 to secure repayment of a loan of Rupees 14,500/ -. In the Insolvency case, the Official Receiver was appointed the Receiver of the estate of the insolvent. A scheme for composition was filed bv the insolvent and it was accepted by the said Court on June 16, 1955. The Official Receiver was directed by the Insolvency Court to give effect to the scheme of composition. In terms of the said scheme of composition, the disputed property along with some other was sold by the Official Receiver to the defendant No. 1, Sm. Bibhabati Dasi by a deed of