Kerala Financial Corporation, ... vs Syndicate Bank, Calicut And Ors. on 8 February, 1999
9. The Punjab High Court in Rattan Chand v. M/s. Prite Shah, AIR 1962 Punj 402, while agreeing with the above principle laid down by the Privy Council and Madras High Court, has held that the auction purchaser in the execution of the first mortgage occupies a dual capacity, namely, first mortgagee and owner of equity of redemption.