Right of redemption survives mortgagee auction sale until a registered conveyance completes the transfer under Indian law.

A mortgagor's right of redemption under section 60 continues until it is extinguished by act of the parties or by a court decree, and a mortgage deed conferring a power of sale does not by itself destroy that right. Under Indian law, a contract for sale creates no interest in immovable property, and ownership passes only on completion of transfer through a registered instrument. Accordingly, a mortgagee's public auction and acceptance of a bid under an English mortgage do not end the redemption right before execution and registration of the conveyance; the mortgagor remains entitled to redeem until the sale is completed.

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Issues: Whether a mortgagor's right of redemption is extinguished when a mortgagee, exercising a power of sale without court intervention under an English mortgage, gives notice, holds a public auction and knocks down the property to a purchaser before execution and registration of the conveyance.

Analysis: Under the Transfer of Property Act, a sale of immovable property is a transfer of ownership, and a contract for sale does not by itself create any interest in or charge on the property. The right of redemption under section 60 continues unless it is extinguished by the act of the parties or by decree of court. A mortgage deed conferring power of sale does not, by itself, destroy that right. In Indian law, unlike English law, no equitable estate is created in favour of the purchaser by a mere contract of sale, and ownership passes only on completion of the transfer through a registered instrument. The mortgagee's exercise of the power of sale is not treated as an agency of the mortgagor, and the mortgagor remains entitled to redeem until the sale is completed by registration.

Conclusion: The mortgagor's right of redemption survives until completion of sale by a registered conveyance, and it is not lost merely because the property has been auctioned and the bid accepted.

Ratio Decidendi: Under Indian law, a mortgagee's auction sale under a power of sale does not extinguish the mortgagor's right of redemption until the sale is completed by a registered conveyance, because a contract for sale does not create any interest in the property.

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