The Defendant No.'l as bonowerand Defendant No. 2 ccbono$/erhad approached the ApplicantBank and appliedfor ,inancial assistanceforpurchasing commercial vehicle by submitting aLoanApplicationsdated 11052022 and after considering the saidApplication,the Applicant Bank on 23.05.2022had sanctoneda Commercial EquipmentLoan of Rs.33,23,017/-to the Deiendantsfor purchasing the @mmercial vehiclemore fully described in schedule of the OA withinterest charged at 10% p.a. calculated on dailyproducl at monthly rests and in case of default,the bank shall be entitled to chargean additionalinterest2% per monthor such rate as may be specified by the bankfrom time to time. TheCommercial Equipment Loanwas to be repaid in 58 Monthly installments ofRs. 90,000 x 12, 69,000x 45, 10,000x 1 each with the tirst installmentcommencinglrcm02.08 2022 and the last installmentfalling due on 02.05.2027 .ln conneclionwith the sanction of the aforesaidCommercialEquipment Loan of Rs 33,23,017/- sanctionedby the ApplicantBankand availed of by the Oefendants,A Vehicle Loan Agreement dated23.05.2022and Undertakingdated NIL have been signed and executed by theDefendant Nos. 'l and 2 in favour of the ApplicantBankas security for repayment of theloan facility, thereby agreeingto all the terms and conditionslaid down in the said Agreemenb andalso hypothecated the Equipment (morespecifically Described in Schedule-A of theOA) in favour of the ApplicantBank Theaforesaid Commercial EquipmentLoan wasdisbursed through the LoanAccountNo. CEL048101184422 standingin the name of Defendant no.1.
