SOLI PESTONJI MAJOO & ORS. vs GANGADHAR KHEMKA

The Supreme Court held that a puisne mortgagee is entitled to file a separate suit on his mortgage even after the first mortgagee has been satisfied, as per the Transfer of Property Act, 1882 and Order 34 of the Code of Civil Procedure, 1908. The court clarified that the decree in favor of the first mortgagee does not preclude the puisne mortgagee from seeking his dues. Furthermore, the court exercised its discretion under Order 34 Rule 11 to award simple interest at 6% per annum instead of the contractual rate of 12% per annum for the period after the date of the suit until redemption.