Bank vide Sanction Ticket dated 09.10.2014. At the request of the 1st defendant represented by the 2nd defendant as its Proprietor and the 3rd defendant as the Co-obligant, the said sanction was further enhanced from Rs.40,00,000/- to Rs.60,00,000/- (Rupees Sixty Lakhs only) by the Central Office of the Applicant Bank on 05.12.2015. The said sanction was communicated to the defendants herein by the Applicant Bank by Sanction Letter in Form 16 dated 05.12.2015 and the defendants have duly acknowledged and accepted the terms and conditions of the said enhanced sanction. The defendants agreed to repay the same together with interest at the rate 16.50% per annum. The said sanction was again renewed by the Central Office of the Applicant Bank on 27.06.2017, 26.10.2018 and 18.03.2020 wherein the rate of interest was reduced from 16.50% to 13.50%. The said loan was sanctioned and periodically reviewed and renewed by the Applicant Bank to the 1 defendant against the primary security of the equitable mortgage of the properties owned by the 2nd defendant at Issa Pallavaram Village, Kancheepuram District (presently Chengalpattu District) and against the hypothecation of Stock and Book Debts which are morefully described in the Schedule to the Original Application.
