GOSWAMI, C. J. :- This Miscellaneous First Appeal is directed against the judgment of the District Judge, Cachar where by he allowed the prayer of the Assam Financial Corporation, Respondent No.1. (hereinafter "the Corporation") to enforce a registered mortgage under Section 31 of the State Financial Corporations Act, 1951 (briefly the Act).

2. The facts briefly are as follows : The Corporation is established under Section 3 of the Act for carrying on business in the State of Assam with Head office at Shillong. Respondent No.2 Messrs. Kalim-pong Properties Limited borrowed a sum of Rs. 7,50,000/- from the Corporation by executing a registered mortgage deed on 15th May. 1963 and the respondents 3 to 6 stood as guarantors jointly and severally. The appellant. Chargola Tea Company Limited (here in after the Company) is the transferee from the respondent No.2 and is now admittedly answerable for the mortgage debt. The mortgage deed stipulated interest at the rate of 7½ per cent per annum. It was further stipulated that in case of breach of any of the conditions of the loan, the entire amount due on account of the loan was at once to be repayable by respondents 2 to 6 jointly an