On 17.02.2014, the defendant no. 2 in the name of the proprietorship concern had applied to the applicant bank for financial assistance lo the tune ot Rs 36,80,000.00 by way of Cash Credit Limit and Rs 11,95,000.00 by way of Term Loan, total amounting to Rs 48,75,000.00 for thepurpose of his business of manufacturing of Aluminium Window, Door, Vehicle Carrier, Ladder at Ohupalia, Jyotikuchi, Guwahati, Assam,giving all necessary details to the applicant bank. The defendant no.2 had offered theprimary security byway ofhypothecation ofstocks and receivables and collateral securityof CGTSME coverage. Consideringthe proposal given by the defendant no. 2, the applicant bank sanctioneda CashCredit Limit of Rs 35 lakhs and TermLoan of Rs 9.75 Lakhs in the nameof defendantno.1 for the purpose of his business of manufacturing of AluminumWindow, Ooor,Vehicle Carrier, Ladder, on the variousterms and conditionswhich were accepted and acknowledged by the defendantno. 2 beingthe Proprietor of the defendant no lln the cash Credit Account the rate ofinteresl was to be chargedat the rate of BR + 125olo = 'I 1.45%(floating) and in the Term Loan Account therate of interestwas to be charged attherateofBR+1.25%=11.45%(Floating),subjecttochangesfromtimetotime' The Cash CreditLimit was to be repayableon Demand and the TermLoan wasto be repaid in 81monthly installmentsof Rs.12,037/- each with moratorium period of 3 monthsfromtherateof'irstdisbursementandinteresttobepaidasandwhendue. The Cash CreditLimitwas to be primarily securedby way of hypothecation of raw materials vizdifferenttypes of Aluminium, Glass, Rubber' Plastic and all semi finished and linishedgoodsof the firm and the Term Loan Account wasto be primarily secured by the variousplant and machinery purchased out of loan account for manufacturing Anodized Aluminumproducts. Both the Cash Credit and the Term Loan Account\r'rcre
