The defendant doing business in manufacturing of Paper boards, under the name and style of "M/s Sri Vari Packaging & Files", She had approached the applicant bank for financial assistance to develop her business, and to purchase Paper Board Packaging conversion machineries and the applicant sanctioned Term loan a sum of Rs.19,00,000/- (under New Entrepreneur cum Enterprise Development Scheme (NEEDS)) on condition of execution of necessary instruments in favour of applicant and on hypothecation of schedule property which is to be purchased from and out of the loan proceeds. The defendant had agreed to repay the principal amount in 84 consecutive equal monthly instalments of Rs.35,000/- each inclusive of interest at the rate of 3.50% p.a. over the MCLR of the Applicant Bank, with a minimum of 12.10% per annum at monthly rest or at such rate and rests as may be revised by the applicant bank from time to time. It was mutually agreed that the applicant is entitled to demand and recover the entire due amount if either the defendant committed any breach of any of the terms and conditions or failed to repay the principal amount as per the repayment schedule and accrued interest payable at monthly rests or at such rest. The defendant agreed to pay 2% additional interest in case of default. As security, evidence and cover, for the said loan a sum of Rs.19,00,000/-, the defendant had executed the necessary documents in favour of the applicant on 17.02.2017 at Madurai Town viz.,
