With a view of increase sugarcane yield, defendant No. 5 proposed to implement drip irrigation system with the help of defendant No. 4 Society. In order to implement drip irrigation system huge investment was required and therefore, defendant Nos. 4 and 5 had conjoined with 324 farmers within the village Raigaon & Shalgaon for raising finance. Thereafter, at the instruction of defendant No.5, defendant No.4 applied to applicant Bank for grant of an aggregate Credit limit of Rs.50 Crores. Initially the applicant Bank sanctioned an aggregate credit facility of Rs.32,56,14,900/- in principle. As per the terms of sanction in principle, the said amount of Rs.32,56,14,900/was reserved for disbursement to individual beneficiary farmers upon each of them independently making application for loan. Thereafter, defendant No. 4 executed Common Guarantee Agreement dated 10.04.2013 and mortgaged the properties in favour of applicant Bank as set out in Paragraph No. 5(k) of the Original Application i.e. (1) All that piece and parcel of Land bearing S.No.1346/1, admeasuring 00H 36R of Village Hingangaon (Bk), Taluka Kadegaon, District Sangli, along with building and other structure and machinery, fixtures, fittings thereon and (2) All that piece and parcel of Land Sanap ( OA 1371/2023 ) 3 of 7
