R. Banumathi, J. - (1.) This appeal arises out of the Judgment dated 08.04.2005 in Second Appeal No. 360 of 1988 passed by the High Court of Bombay, Nagpur Bench, in and by which the High Court reversed the judgment of the First Appellate Court holding that the Exhibit P-33/document in question was a sale with condition to repurchase.
(2.) The case of the appellants-plaintiff(s) is that an amount of Rs.3,000/- was borrowed from the respondent and in security the property was mortgaged under Exhibit P-33 (15.02.1975) with condition that if the amount is paid on or before 15.03.1980, the property can be redeemed. The appellants plaintiff(s) filed the suit for redemption of the mortgage alleging that the document (Exhibit P-33) was a mortgage by conditional sale and not a sale with condition for reconveyance.
(3.) The Trial Court dismissed the suit holding that the document Exhibit P-33 was not a mortgage with conditional sale; but a sale deed with condition for repurchase. The first Appellate Court reversed the judgment of the Trial Court holding that the Exhibit P-33 is a mortgage by conditional sale as defined under Section 58(c) of Transfer of Property Act and not a sale with condition to repurchase. The High Court in Second Appeal, reversed the judgment of the First Appellate Court by holding that Exhibit P-33 was a sale with condition to repurchase and not a mortgage by conditional sale.;