Godwin Construction (P) Ltd. vs. Commissioner, Meerut Division & Anr. (SC)

Stamps Act, 1899–Schdule 1-B, Articles 40 & 57–Applicable provision–Appellant executed a Security Bond cum Mortgage Deed–Instrument records that he transferred all their interests in the properties detailed in the Schedule to the Meerut Development Authority–In the event of default, the Meerut Development Authority shall be entitled to sell the mortgaged properties to realize the amount–The nomenclature “Security Bond cum Mortgage Deed” is incosequential–Art. 57 applies on the surety and not on the principal debtor–Document fulfils all the requirements of a mortgage deed, falling under the ambit of Art. 40–Impugned judgments passed by the High Court do not suffer from any infirmity.