Application Power of Attorney dated 31.07.2013, which is Annexure A1 to this OA. 2. The brief facts of the OA are that the defendant No.1 through its proprietor defendant no.2 had approached the applicant for grant of CC Limit of Rs.50.00 Lacs vide application loan dated 01.02.2023, which is Annexure A2 to this OA. 3. The applicant sanctioned the CC Limit of Rs.50.00 Lacs vide Sanction letter dated 03.02.2023, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants. 4. The defendant no. 1 through its proprietor hypothecated stocks and receivables vide Hypothecation agreement of goods & debts dated 03.02.2023, which is Annexure A4 to this OA. Documents executed: , Demand Promissory Note, Letter of undertaking from Borrower, Letter of undertaking not to alienate hypothecation goods, Letter of guarantee , Letter of undertaking from guarantor, Agreement, Letter of continuity, all dated 03.02.2023, which are Annexures A4 to A11 to this OA; Loan recall notice dated 09.05.2025 along with postal receipts, which are Annexures A12 to A18 to this OA and Statement of account along with certificate by Officer In Charge of Computer System, which are Annexures A19 & A20 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.54,07,270.03p, which is recoverable and the defendants were served recall notice but defendants did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendants were served notice to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 20.11.2025.
