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Vipan Kumar Verma and Ors Vs State of Punjab and OP112862COM19601

The High Court of Punjab and Haryana ruled on a writ petition challenging the classification of a memorandum of deposit of title deeds as a mortgage under the Indian Stamp Act. The court found that the document merely recorded the fact of an already established deposit and did not require stamping as per Article 40. Consequently, the impugned order was quashed, and the writ petition was allowed.

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19 views1 page

Vipan Kumar Verma and Ors Vs State of Punjab and OP112862COM19601

The High Court of Punjab and Haryana ruled on a writ petition challenging the classification of a memorandum of deposit of title deeds as a mortgage under the Indian Stamp Act. The court found that the document merely recorded the fact of an already established deposit and did not require stamping as per Article 40. Consequently, the impugned order was quashed, and the writ petition was allowed.

Uploaded by

Rohit Lohmorh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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MANU/PH/3075/2011

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH


C.W.P. No. 15631 of 2009
Decided On: 16.11.2011
Vipan Kumar Verma and Ors. Vs. State of Punjab and Ors.
Hon'ble Judges/Coram:
K. Kannan, J.
JUDGMENT
K. Kannan, J.
1 . The writ petition challenges the order treating the document of memorandum of
deposit of title deed as creating a mortgage and seeking for application of Article 40 of
the Indian Stamp Act. The contention of the petitioners is that the document itself is not
the bargain between the parties but merely records the fait accompli of already
established facts of the deposit. The particular recitals which are in the document are:-
The executants had already deposited on 15.12.2005 the following documents
of title relating to their immovable properties listed hereunder with the Bank
with intent to create an equitable mortgage in favour of the Bank over the
property to which the documents relate to and described hereunder for the
purpose of securing the repayment to the bank of all the amounts owing to the
Bank under advances made and to be made to M/s Jai Shree Rice Mills at
village Adamwal District Hoshiarpur by way of Cash Credit Limit and term loan
not exceeding Rs.81,22,000/-together with interest charges thereon made and
to be made to Jai Shree Rice Mills at village Adamwal District Hoshiarpur.
2 . This only shows that the documents of title have been deposited and the
memorandum is merely a record of such a fact. The document does not require,
therefore, to be stamped in the manner required under Article 40 of Indian Stamp Act.
This is governed by substantial case law on the subject and it does not require a review
on the same except to state the law enunciated by the Hon'ble Supreme Court as early
as in K.J. Nathan Vs. S.V. Maruty Reddy MANU/SC/0235/1964 : AIR 1965 SC 430.
3. The impugned order is quashed and the writ petition is allowed.
© Manupatra Information Solutions Pvt. Ltd.

02-04-2025 (Page 1 of 1) www.manupatra.com


School of Law, CHRIST (Deemed to be University)

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