General Regulations made by RBI in exercise of Power conferred by Sub Section (3) of Section 50 of State Bank of India Act with previous sanction of Central Government. 2. The brief facts of the OA are that the defendant approached the applicant for grant of Term Loan facility for purchase of Tractor and Agricultural Machineries of Rs.23,00,000.00 vide Application Form for Agricultural Credit dated 29.11.2024, which is Annexure A1 to this OA. 3. The applicant sanctioned the Term Loan facility for purchase of Tractor and Agricultural Machineries of Rs.23,00,000.00 vide Letter of Arrangement dated 30.11.2024, which is Annexure A2 to this OA and terms and conditions were duly accepted by the defendant. 4. Defendant hypothecated his Moveable Assets i.e., Ace Tractor Chetak Di 65 along with Rotavator, Laser Land Leveller, Reversible Plough, Fertiflizer Broadcaster, Super Seder, bearing Chassis no. MZ460N2PSVM052991, Engine no. A50HTTWBD0002050 vide Tax Invoices dated 09.12.2024, which are Annexures A4 to A9 to this OA. The Ace Tractor is not registered with any Transport Authority as stated in IA No. 1101/2026 was filed on 16.06.2026, in compliance of order dated 09.06.2026. Documents executed : Hypothecation Agreement dated 30.11.2024, which is Annexure A3 to this OA; Legal Notice dated 26.11.2025, along postal receipt, which is Annexure A10 to this OA; Statement of account along with certificate, which is Annexure A11 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account, there was a debit of Rs.25,54,207.00, which is recoverable and the defendant was served recall notices but he did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendant was served summons to appear before this Tribunal, but no one appeared on behalf of the defendant and he was proceeded ex-parte vide order dated 06.06.2026.
