Order

Introduction

The Applicant-1^st Respondent (hereinafter referred to as the “1^st Respondent”) is the owner of a parcel of land, in extent of 5 perches, situated in the Wellampitiya. The 1^st Respondent having obtained Rs. 500,000/- (Five Hundred Thousand Rupees) on 08^th June 2019, he has executed a mortgage bond, bearing No. 90, attested by Ms. K.L. Manjula Notary Public, in favour of the Petitioner-Respondent (hereinafter referred to as the “Petitioner”), from whom he had obtained the said Rs. 500,000/- (Five Hundred Thousand Rupees). The said loan was obtained at an interest rate of 4% per mensem; and there was also a condition in the said mortgage bond, that the 1^st Respondent had undertaken to redeem the said mortgage by paying the principal amount along with the interest due thereon within 6 months from the date of execution. However, since the 1^st Respondent had failed to pay the interest or the principal sum, the 1^st Respondent had agreed to execute a transfer deed at the request of the Petitioner, after the period of 6 months. Accordingly, a transfer deed bearing No. 68, attested by the same Notary Public, Ms. K.L. Manjula, dated 16^th December 2019, has been executed in fa