https://www.taxtmi.com/caselaws?id=194953 A usufructuary mortgage, including one without a personal remedy against the transferee of the equity of redemption, was treated as a debt within the Act because Section 16 specifically covered mortgages on immovable property and extended relief to mortgages with possession. The debtor could therefore seek adjustment by application under Section 5, since the statutory remedy was not confined to redemption proceedings. The proviso to Section 16(4) also permitted scaling down on a valuation basis, and the standard-acre method was accepted where it reflected the relative value of the lands allotted in India and left behind in Pakistan. The mortgage debt was thus validly adjusted under the special statutory scheme. en-us Wed, 13 Mar 1963 00:00:00 +0530 Mon, 09 Oct 2017 10:19:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194953 A usufructuary mortgage, including one without a personal remedy against the transferee of the equity of redemption, was treated as a debt within the Act because Section 16 specifically covered mortgages on immovable property and extended relief to mortgages with possession. The debtor could therefore seek adjustment by application under Section 5, since the statutory remedy was not confined to redemption proceedings. The proviso to Section 16(4) also permitted scaling down on a valuation basis, and the standard-acre method was accepted where it reflected the relative value of the lands allotted in India and left behind in Pakistan. The mortgage debt was thus validly adjusted under the special statutory scheme. Case-Laws Indian Laws Wed, 13 Mar 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194953