law: Transfer of Property Act, 1882
  83. Power to deposit in court money due on mortgage
  At any time after the principal money payable in respect of any
  
  mortgage has become due and before a suit for redemption of the mortgaged
  
  property is barred, the mortgagor, or any other person entitled to institute
  
  such suit, may deposit, in any court in which he might have instituted such
  
  suit, to the account of the mortgagee, the amount remaining due on the
  
  mortgage.
  Right to money deposited by mortgagor- The court shall
  
  thereupon cause written notice of the deposit to be served on the mortgagee,
  
  and the mortgagee may, on presenting a petition (verified in manner prescribed
  
  by law for the verification of plaints) stating the amount then due on the
  
  mortgage, and his willingness to accept the money so deposited in full
  
  discharge of such amount, and on depositing in the same court the mortgage-deed
  
  and all documents in his possession or power relating to the mortgaged
  
  property, apply for and receive the money, and the mortgage-deed, and all such
  
  other documents so deposited shall be delivered to the mortgagor or such other
  
  person as aforesaid
  Where the mortgagee is in possession of the mortgaged property,
  
  the court shall, before paying to him the amount so deposited direct him to
  
  deliver possession thereof to the mortgagor and at the cost of the mortgagor
  
  either to re-transfer the mortgaged property to the mortgagor or to such third
  
  person as the mortgagor may direct or to execute and (where the mortgage has
  
  been effected by a registered instrument) have registered an acknowledgement in
  
  writing that any right in derogation of the mortgagor's interest transferred to
  
  the mortgagee has been extinguished.