Defendant No.1 is a proprietary Concern and having it registered office at Sy No, 191/A/A, Bandarairyal village, Abdullapurmet Mandal, Ranga Reddy District-501505. Defendant No.1 Rep. by its proprietor, Mr. Arther Paul, approached the Applicant Bank for sanction of Overdraft Facility to meet their working capital requirements. The Applicant Bank sanctioned OD Facility of Rs. 30.00 Lakhs vide sanction letter dated 19.02.2018. The Defendant No.1 availed a Cash Credit facility from the Applicant Bank on the terms and conditions and securlties mentioned in sanction letter and on any other terms and conditions which may be stipulated by the Applicant Bank. After execution of necessary loan security documents by the defendants, the applicant bank disbursed the OD Facility of Rs. 30.00 lakhs to the defendant No.1 vide their loan account No. 50200047006677. Subsequently Defendants failed to honour the terms and conditions of the said facilities and became irregular since Feb,2023 and irregularities observed in the present accounts and hence recall notice issued to the defendants and hence the loan account was classified as ,29x*-2.,.;
