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 the defendant No.1 through its proprietor i.e. defendant no.2 had approached the applicant for the grant of Cash Credit Limit of Rs.40.00 Lacs vide Final Credit Application Form dated 24.06.2016, which is Annexure A4 to this OA 3. The applicant sanctioned the Cash Credit Limit of Rs.40.00 Lacs vide Intimation letter dated 24.06.2016, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendants No.2 had mortgaged his immovable properties i.e. One Industrial Property measuring 100 Sq. yards bearing Property no. B-24-4061 situated at New Madhopuri, Gali No. 7, District Ludhiana (Punjab) vide Equitable Mortgage of Sale Deed bearing v asika No.11441 dated 1 8.10.2004 along with its Translations, which is Annexure A7 to this OA. Documents executed:- Letter of Sole Proprietor dated 26.04.2016, which is Annexure A2 to this OA; Deed of Hypothecation, Deed of Guarantee both dated 24.06.2016, which are Annexures A5 & A6 to this OA; Annexure VI-A i.e. Memorandum of Entry, Annexure VII-A i.e. Declaration both dated 22.07.2016, which are Annexures A8 & A9 to this OA; Recall Notices dated 22.03.2022 with Postal Receipts, which is Annexure A10 to this OA and Statements of account with certificate, which is Annexure A11 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in the loan account there was a debit of Rs.41,18,588.00, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.
