applicant bank, who is competent to institute the Original Application vide Power of Attorney dated 06.02.2018, which is Annexure A1 to this OA. 2. The brief facts of the OA are that defendant No.1 through its proprietor i.e. defendant No.2 had approached the applicant bank for the grant of Overdraft facility of Rs.23.00 Lacs vide loan application dated 17.10.2017, which is Annexure A2 to this OA. 3. The applicant Bank sanctioned the Overdraft facility of Rs.23.00 Lacs. The proxy counsel for applicant submitted in compliance to the order dated 14.02.2024 that there is no formal sanction letter issued by Bank and it was submitted that all the requirements of sanction letter are mentioned in Final Credit Application Form dated 17.10.2017, which is Annexure A2 to this OA and same may be read as sanction letter. 4. Defendant No.2 had mortgaged his immovable property i.e. plot measuring 0K-10M i.e. 302.50 Sq. Yards situated at Village Hambran, Hadbast No.2J, Tehsil and District Ludhiana, Punjab vide equitable mortgage of Registered Sale Deed bearing Vasika No.20687 dated 16.12.2005 along with its translation, which is Annexure A4 to this OA. Documents executed:- Deed of guarantee, which is Annexure A3 to this OA; Annexure VI-B i.e. memorandum of entry and Annexure VII-B i.e. declaration both dated 27.10.2017, which are Annexures A5 and A6 to this OA; Recall notice dated 21.10.2021, which is Annexure A7 to this OA and Statement of account along with certificate, which is Annexure A8 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.24,97,630.67p, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant bank requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 17.01.2024.
