JUDGMENT - SAMPAT H.T., J.:---This is a Transferred Application for recovery of Rs. 94,49,357.08 (Rupees Ninety Four Lakhs Forty Nine Thousand Three Hundred Fifty Seven and Paise Eight only).

2. The applicant is constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. The defendant No. 1 is a company incorporated under the Companies Act, 1956. The defendant Nos. 2 3 are sued in the capacity of Guarantors.

3. The defendant No. 3 died during the pendency of the proceedings. Her legal heirs were not brought on record. Therefore, vide an order dated 14-12-2001, the Original Application as against the deceased defendant No. 3 stands abated.

4. It is the case of the applicants that they had granted various credit facilities to the defendant No. 1, such as Cash Credit-cum-Export Packing Facility, Letters of Credit, Inland Bill Purchase, Term Loans etc. The defendant No. 1 company had mortgaged immovable properties described in Exhs. "A" "B" and had hypothecated plan and machinery, raw materials, stocks and goods as also book debts as described in Exhs. "C", "D" "E" in addition to executing other usual documents such as Demand Promissory Notes, Lette

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