JUDGMENT - SHAH A.P., J.:---This appeal is preferred against the judgment and decree dated 4-12-2002 passed by Deshmukh, J., in Summons for Judgment No. 466 of 2000 in Summary Suit No. 2005 of 1999.

2. The appellant is defendant and respondent is plaintiff -SICOM. Respondent had entered into an agreement dated 101-1995 with Lloyd Finance Ltd., hereinafter referred to as the "company". Under that contract an amount of Rs. 10 crores was advanced as a loan to the company. It was repayable in two instalments of Rs. 5 crores each commencing at the end of two years from the date of distribution of the said loan. The loan was disbursed on 10-1-1995. Accordingly, the said loan was repayable in two equal instalments of Rs. 5 crores each, on 5-1-1997 and 5-1-1998. The company paid first instalment i.e. Rs. 5 crores on the due date. However, the company committed default in payment of second instalment. One of the terms of the agreement between the respondent and the company was that the appellant gives an irrevocable and personal guarantee to the respondent guaranteeing repayment of the said loan. The guarantee agreement was accordingly executed between the appellant and the respondent on 10-

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