To secure the loan, Defendant No.1 had mortgaged his land (fully detailed in para No.3A of the application). Defendant Nos.2 and 3 stood as guarantor for the Home Loan of ₹12.00 Lacs vide Guarantee Deed dated 30.10.2012, (Exhibit A-11). The Term Loan was chargeable to interest @10.75% per annum with monthly rests. Again on 17.12.2013, at the request of the defendants, applicant bank granted Additional Term Loan of ₹5.00 Lacs to defendant No.1 for Housing purpose. To secure the Additional Term Loan, Defendant No.1 had mortgaged his land (fully detailed in para No.3A of the application). Defendant No.4 stood as guarantor for the Additional Term Loan of ₹5.00 Lacs vide Guarantee Deed dated 17.12.2013, (Annexure A-28). The loan was chargeable to interest @10.25% per annum with monthly rests. Defendants had duly acknowledged their liability towards the debt on 04.03.2014, 31.10.2015, 10.08.2016, 28.08.2018, 29.07.2019 and 18.02.2022. On 31.03.2023, a sum of ₹36,81,671/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
