Nuchem Investment (P) Limited for
pledging their land as collateral security to bank for loans even
though the assessee had failed to file an agreement ... furnished no explanation as to
why assets have to be used as collateral security by M/s
Nuchem Investment (P) limited for raising loan
possession, the said document is to be marked only for such collateral purpose. The said application was resisted by the respondents mainly by contending that ... such unregistered sale deed cannot be admitted in evidence even for collateral purpose. The Court below rejected the said application only on the reason that
mark the said unregistered sale deed, dated 11.10.1989 as secondary evidence for collateral purpose to prove his possession over the said property. The said application ... plaintiff contended that the unregistered sale deed cannot be marked even for collateral purpose, since the second defendant claims title through the said document
Such unregistered document can
however be used as an evidence of
collateral purpose as provided in the
Proviso to Section 49 of the Registration ... 2014 & OMP 133/2014 Page 9 of 21
Act.
3. A collateral transaction must be
independent of, or divisible from, the
transaction to effect
admissible in evidence and whether the document can be marked for collateral purpose can be decided at the time of trial. However, this Court ... evidence, when such document is sought to be marked not for any collateral purpose. Subsequent payment of stamp duty will not cure the defect
examined. The further question
whether the same could be used for a collateral purpose, namely, to
prove the period of lease was also examined ... transaction affecting immovable property, may be
admitted as evidence of collateral facts, or for any
collateral purpose, that is for any purpose other than that
marking an unregistered
documents, dated 08.07.1947 for collateral purpose. According to the
petitioner, for collateral purpose, an unregistered document can be marked
and relied ... cannot be marked as document and relied
for any purpose including any collateral purpose.
4.The learned Judge considering all the materials on record
margin requirement shot up drastically,
whereas the value of the collateral security fell. In this background, the
appellant submits that it tried to prevent ... detailed explanation on the form of securities taken by it as collateral
towards margin requirements during the period between December 1,
5
2008 - November
stating that the admissibility of unregistered document can be marked as a collateral purpose. It is further submitted that even the Koor Chit cannot ... marked for collateral purpose. Hence, he prayed for allowing the revision petition. To substantiate his arguments, he relied upon the following judgments
exceeding the percentage specific herein. (b) The estimated realisable value of the collateral security to which a Nidhi has valid recourse may be reduced from
