Agreement for Demand cash credit on the Hypothecation of Movable Properties and Book Debts dated o2.os.2o2o in favor of the Applicant Bank. The defendants availed rerm Loan GECL of Rs.59,50,000/- repayable in 60 monthly installments with interest @9.25o/o p.a with monthly rests and executed Articles of Agreement dated 11.11.2021 and Letter of Hypothecation of Book debts in favor of the Applicant Bank. The Defendant no. 2 to 4 stood as a Guarantor and executed Guarantee covering Letter dated 11.11.2021 in favor of the Applicant Bank. The defendants availed working capital rerm Loan of Rs.40,o0,oo0/- repayable in 60 monthly instaltments with interest @16.2s% p.a with monthly rests and executed Agreement for Demand cash credit on the Hypothecation of Movable properties and Book Debts dated 02.05.2020 in favor of the Applicant Bank. The Defendants secured the loan and executed supplemental Memorandum of Deposit of ritle deeds dated 30.03.2022 in favor of the Applicant Bank. After availing the loan facility, the defendants failed to comply the terms of sanction, hence the applicant bank classified the account as NpA 31.03.2025 and issued Demand Notice dated 28.04.2025 under section 13(2) of the SARFAESI Act, zoo2 to the defendants. lnspite of several requests and demands, the defendants did not clear the outstanding. Hence this oA.
