Mortgage by deposit of Title deeds - decree holder released documents by accepting part payment of decree –finding of execution court that release of document by decree holder would discharge of decree amount, erroneous – decree holder is at liberty to amend execution petition to attach property to proceed with execution - award of arbitrator cannot be treated as a decree for sale of mortgaged property for recovery of decree amount .

Section 47 – Arbitral Award – money decree – execution – execution initiated for sale of property to satisfy decree amount – judgment debtor created equitable mortgage by depositing title deeds with decree holder – decree holder released documents by accepting part payment of decree – contention of judgment debtor that release of documents submitted for equitable mortgage would amount to full and final satisfaction of decree – execution court holding that release of document by decree holder would amount to discharge of decree amount – award of arbitrator is only a money decree simplicitor – execution petition filed for sale of property by treating a decree for foreclosure of mortgage as improper – finding of execution court that release of document by decree holder would discharge of decree amount, erroneous – decree holder is at liberty to amend execution petition to attach property to proceed with execution – release of document by decree holder would no way be relevant for purpose of execution of money decree – award of arbitrator cannot be treated as a decree for sale of mortgaged property for recovery of decree amount – matter remanded to execution court for fresh adjudication.

India Cements Ltd., rep. by its Senior Executive President, T.S.Ragupathy Vs. Usha Devi Sole Proprietor, Usha Devi Agencies, Madurai.

R.Vijayakumar,J.

2024 (1) CTC 20.