entered into between the Allahabad and defendant No.1 wherein the defendant No.1 agreed to accept an amount of Rs.1,05,00,000/- towards full and final settlement of dues of defendant No.1 and for release of security. Since the defendants were not in a position to pay the amount to the Bank, the defendants requested the plaintiffs to pay the amount on behalf of the defendants. The plaintiffs and defendants agreed that the amount would be paid by plaintiffs to the Allahabad Bank which will be repaid by the defendants to the plaintiff No.1. The defendants will create a security in favour of plaintiff No.1 for the amount of Rs.1,05,00,000/creating equitable mortgage of the property in favour of plaintiff No.1. The second charge for property belonging to defendant No.1, situated at Bocaro Industrial Area Balidih B.S.City Bocaro, was also to be executed. The defendant No.1 by its letter dated 13 December 2003 recorded the Agreement between the parties. According to the Agreement between the parties an amount of Rs.1,05,00,000/- was to be paid to the Bank by three instalments firstly, Rs.25,25,000/- and Rs.53,75,000/- by 31 March 2004 and Rs.25,00,000/- on or before 30 June 2004. The defendant No.1 on 11 March 2004 passed a resolution authorising Mr.Kiran H. Kudu, representative of plaintiff No.1 to collect the documents from the Bank.
