lands but did not execute documents and the allotment letter was found to be sufficient to create a mortgage in favour of the bank. An earlier decision of the Hon’ble Supreme Court in Hill Properties Ltd. Vs. Union Bank of India (2014) 1 SCC 635 held that the share certificate issued in favour of the borrower concerning a flat which was allotted by way of an allotment letter was sufficient to be considered as a title deed. The Hon’ble Supreme Court held that a share certificate which is equivalent to an allotment letter, creates a “species of property” or “species of interest” which can validly be mortgage by deposit of such document with the bank. In the Hill Properties Case (supra), the Hon’ble Supreme Court had followed an earlier decision in Ramesh Himmatial Shah vs. Harshukh Jadhavji Joshi (1975) 2 SCC 105 in holding that such species of property interest in the flat is freely transferable and alienable i.e. can be sold, gifted, bequeathed, inherited, mortgaged, etc. 11. The Ld. Counsel for the appellant also relies on the decision of the Hon’ble Supreme Court in Tripower Enterprises (Private) Ltd. vs. State Bank of India & Ors. (2020) 20 SCC 125 wherein it was held that the guarantor cannot be allowed to approbate and reprobate and more so, in view of the unambiguous affidavit admitting the mortgage and offer given by its Director to pay the outstanding dues of the bank in the earlier proceedings.
