JUDGEMENT
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(1.)Leave granted in SLPs.
(2.)These matters have been put up before this Bench in pursuance of the order passed by a Bench of two Judges on 18.08.2008, as under:-
"As it appears that observations made by this Court in Prabhakaran & Ors. vs. M. Azhagiri Pillai & Ors., 2006 4 SCC 484, in regard to the interpretation and/or application of Article 61 of the Schedule appended to the Limitation Act, 1963 are contrary to the principles laid down by this Court in a large number of decisions, including Jayasingh Dhyanu Mhoprekar & Anr. vs. Krishna Babaji Patil & Anr., 1985 4 SCC 162] as also various decisions referred to by the Full Bench of the High Court, we are of the opinion that the matter should be heard by a larger Bench."
Before adverting to the question of reconciling conflicting opinions in various decisions, including the two decisions referred to above, we consider it appropriate to mention that by the impugned judgment, the Full Bench of the High Court of Punjab and Haryana at Chandigarh, considered the question "whether there is any time limit for usufructuary mortgagor to seek redemption - and decided the said question in the negative, in favour of the respondent-mortgagor as follows:-
"Therefore, we answer the questions framed to hold that in case of usufructuary mortgage, where no time limit is fixed to seek redemption, the right to seek redemption would not arise on the date of mortgage but will arise on the date when the mortgagor pays or tenders to the mortgagee or deposits in Court, the mortgage money or the balance thereof. Thus, it is held that once a mortgage always a mortgage and is always redeemable."
The correctness of the above view is the subject matter of consideration before this Court.
(3.)The predecessor of the respondents mortgaged the suit property on 11.08.1903 to the predecessor of the appellants for a sum of Rs.80/-. The appellant-plaintiffs filed a suit for declaration that the suit land having not been redeemed for a period of more than 60 years, the defendants lost all rights, title and interest therein and the appellants became the owners by prescription.