of manufacturing of sugar. With a view of increase sugarcane yield, defendant No. 4 proposed to implement drip irrigation system with the help of defendant No. 3 Society. In order to implement drip irrigation system huge investment was required and therefore, defendant Nos. 3 & 4 had conjoined with 324 farmers within the village Raigaon & Shalgaon for raising finance. Thereafter, at the instruction of defendant No.4, defendant No.3 applied to applicant Bank for grant of an aggregate Credit limit of Rs.50 Crores. Initially the applicant Bank sanctioned an aggregate credit facility of Rs.32,56,14,900/in principle. As per the terms of sanction in principle, the said amount of Rs.32,56,14,900/- was reserved for disbursement to individual farmers each of them beneficiary upon independently making application for loan. Thereafter, defendant No.3 executed Common Guarantee Agreement and mortgaged the properties in favour of applicant Bank as set out in Paragraph No. 5(k) of the Original Application. Defendant No.4 also executed an Undertaking dated 10th March, 2013 in favour of the applicant Bank. 4.
