Article 57 ISA inapplicable if debtor executes mortgage deed: SC
The Supreme Court held that Article 57 of Schedule 1-B of the Indian Stamp Act, 1899 (ISA), is inapplicable where the principal debtor itself executes a deed mortgaging its own property. The Court stated that the term ‘surety’ must be strictly interpreted in accordance with Section 126 of the Indian Contract Act, 1872 (ICA).