Application vide Board resolution dated 14.11.2017, 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 approached the applicant for grant of Cash Credit Limit of Rs.20.00 Lacs. 3. The applicant sanctioned the Cash Credit Limit of Rs.20.00 Lacs vide sanction letter dated 02.08.2022, which is Annexure A2 to this OA and terms and conditions were duly accepted by the defendants. 4. Defendant no. 2 had hypothecated stock, book debts, machine etc. vide composite hypothecation agreement dated 03.08.2022, which is Annexure A5 to this OA.; CERSAI Registration, which is Annexure A10 to this OA. Documents executed: DP Note, Letter of sole proprietorship, Letter of continuity security, declaration cum undertaking cum authority, draft undertaking, letter of undertaking in respect of book debts, all dated 03.08.2022, which are Annexures A3, A4 and A6 to A9 to this OA; Loan demand letter dated 08.11.2023, which is Annexure A11 to this OA; Demand Letter dated 25.03.2024 u/s 13(2) of SARFAESI Act, which is Annexure A12 to this OA and Statement of account along with interest certificate & Banker’s Certificate, which are Annexures A13 to A15 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in the loan account there was a debit of Rs.26,26,713.10, which is recoverable and the defendants were served recall notices but they 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 notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex parte vide order dated 24.10.2025.
