MAGANLAL ETC. vs JAISWAL INDUSTRIES NEEMACH & ORS.

The Supreme Court held that Order 34 Rule 5 of the Code of Civil Procedure, 1898 is applicable to the sale of property mortgaged under the State Financial Corporations Act, 1951, specifically under Sections 31 and 32. The Court established that the right of redemption remains intact until the appeal is resolved, allowing Maganlal's application for redemption. Consequently, the Court allowed the CMP and the appeal filed by Maganlal, confirming his right to redeem the mortgage despite the prior sale.