credit facility was valid up to tenor of 12 months. Fufther, in terms of the sanction letter it was agreed between the parties that the credit facility will be secured by hypothecation of credit card receivables. The defendant executed all necessary loaning documents on 08.07.2011 and 20.06.2011. Again, at the request of defendant, the applicant bank sanctioned/renewed credit facility of MEOD Limit Facility of Rs.24.25 lac, vide sanction letter dated 17.10.20L2. The defendant had executed all necessary loaning document on 05.07.2013 and 30.07.20L2. Again, at the request of defendant, the applicant bank renewed credit facility to the extend of Rs.16.25 lac, vide sanction letter dated 05.07.2013. Again, at the request of defendant, the applicant bank renewed to the extend of Rs.10.68 lac, vide sanction letter dated 30.03.2015. Again, at the request of defendant,the applicant bank renewed credit facility ofMEODLimit of Rs.10.68, vide sanction letter dated22.12.2015.The defendant executed all necessaryloaningdocuments on 17.07.2014. The defendant nos. 2 to 5also executed personalguarantee in favour ofapplicant bank. The defendant had agreed to createprimary security by way of first and exclusivecharge oncard receivable, a demandpromissory note was also executed by him and also executedpersonalguarantee deeds in favour of the applicantbank.
