(6) After availing the loan, defendants did not adhere to the financial discipline and committed default in payment of instalments and repayment of the loan and accordingly the accounts of the borrowers were declared as Non-Performing Assets (N.P.A.) on 18.09.2022 as per RBI Guidelines. Therefore, on 17.11.2022, the applicant, through its advocate, called upon defendants to liquidate the outstanding in the sum of ₹24,46,642.46/(Rupees Twenty-Four Lakhs Forty-Six Thousand Six Hundred Forty-Two and paisa Forty-Six Only) (Book Outstanding) under Cash Credit, a sum of ₹3,40,233.60 (Book Outstanding) under Working Capital Term Loan under GECL Scheme, a sum of ₹3,70,551.01 (Book Outstanding) under Funded Interest Term Loan and a sum of ₹2,14,150/(Book Outstanding) under Working Capital Term Loan under GECL Extension with further interest @10.75% per annum, @9.75% per annum, @9.40% per annum and @8.75% per annum with monthly rest on Cash Credit, Working Capital Term Loan under GECL Scheme, Funded Interest Term Loan and Working Capital Term Loan under GECL Extension with interest due from 18.09.2022 within 7 days. Despite notice, defendant nos. 1 and 2 failed and neglected to pay.
