J U D G M E N T

In a mortgage suit, the plaintiff seeks a decree for a sum of Rs.1,70,00,000/- from the first, second and third defendants. In default, the sale of the mortgaged property is prayed for.

2. The plaintiff stated that he is a financier by profession. He was introduced to the first defendant and her husband by a mutual acquaintance. In June 2008, the first defendant and her husband approached the plaintiff for a loan in relation to the construction of a party hall-cum-residence in land ad measuring 3000 square-foot. As security for the loan, they offered the property described in the schedule to the plaint by stating that the said property was worth more than Rs.40 lakhs.

3. According to the plaintiff, the first defendant and her husband agreed to pay interest at the rate of 3% per month on delayed payments. On 18 June 2008, the first disbursement of Rs. 90,000 was made. On the same day, the first defendant and her husband created an equitable mortgage over the property described in the schedule to the plaint in favour of the plaintiff by depositing the original title deed of Sale Deed bearing Document No. 2871 of 1996. By way of abundant caution, the plaintiff stated that