Section 27 in The Merchant Shipping (Registration of Indian Ships) Rules, 1960
27. Discharge of Mortgage.
(1)When the mortgage debt is fully discharged, the registrar shall, after satisfying himself that the receipt endorsed on the mortgage instrument is in order and that it is properly witnessed, make the entry relating to the discharge in the register book.(2)No payment of an installment of a mortgage debt shall be recorded by the registrar in the register book.
