is to give the Mortgagee an absolute transfer of the immovable property, similar to a legal sale, the transaction would be subject to stamp duty and the document must be registered as a purchase agreement/sale deed in terms of the Indian Registration Act, 1908. Therefore, the transaction ensuing from an English mortgage is supposed to be a legitimate sale except that the borrowers or the mortgagers, must make a legally binding obligation to the lender that he would pay the money on a specific date and further that since the mortgager is giving the mortgagee an absolute transfer of the immovable properties, similar to a legal sale, the transaction will be subject to payment of stamp duty and compliance of the provisions of the Indian Registration Act, 1908. However, from a perusal of the DTD, more particularly, Clause 14.1.1, no transfer of any property much less the flats referred to in Schedule 1 is shown to have effected by way of a registered Deed which is a sine qua non of an English mortgage. Therefore, It cannot be said by any stretch of imagination that an English mortgage was created in favour of the Applicant. Had it been so, a legitimate sale deed/transfer agreement would have been executed in favour of the Applicant in respect of the Flats and there should have been a condition that the Mortgager would be entitled to
