S.R RAJAGOPALASWAMI NAIDU vs BANK OF KARAIKUDI LTD.

The Supreme Court held that under Section 67A of the Transfer of Property Act, a mortgagor may redeem each mortgage separately, but the mortgagee must enforce all or none. The court clarified that the mortgagor in the current suit was not the same as in previous suits involving joint mortgagors (husband and wife), thus the bar of Section 67A did not apply. Additionally, the court found the interest rate of 12% to be unfair and penal, leading to a reduction of the rate.