bank sanctioned, on 02.03.2010, a Cash Credit Facility of Rs.25,00,000/- for business purpose against the hypothecation of stock of raw material including excisable raw material, stock in process, semi furnished goods, finished goods ( including bought out of finished goods) such as pipes, installation, of D G sets, Fire Fighting Systems & Electrical Systems etc. and other current assets. In order to avail the said loan facility the defendant no. 2 being the proprietor of defendant no. 1 concern has executed various loaning documents dated 02.03.2010 & 13.10.2012. Defendant no. 2 being the proprietor of defendant no. 1 concern further approached and requested for fresh Sanction/enhancement of the existing credit facilities of Rs.25,00,000/- for its business purpose and the applicant bank sanctioned/enhanced the Cash Credit Facility of Rs.25 Lacs on t2.05.2014 and relevant documents have been executed on t2.OS.2Ot4. Defendant no. 2 again requested the applicant for extension in the cash limit from Rs.25 Lacs to Rs.50 Lacs vide letter dated 07.05.2015, 27.03.2015 and 30.03.2015 and in order to secured the said enhanced limit, the defendant no.2 executed balance and security confirmation letter dated 02.06.2017 and 23.04.2020 apart from other documents. Again upon the request of defendants, the applicant bank vide sanction letter dated O7.OB.2OZO sanctioned credit facility under Guaranteed Emergenry Credit Line/GECL of Rs.5,03,3461- to the defendants and relevant documents have been executed by the defendants on 30.06.2020 & 0208.2020.
