S.P. GARG, J.

1. The present suit has been filed by Welldone Estate projects Private Limited (hereinafter the plaintiff) against Today Homes and Infrastructure Private Limited (hereinafter defendant No. 1), G.K. Gambhir (hereinafter defendant No. 2), Rajesh Arora (hereinafter defendant No. 3) and Ludhiana Improvement Trust (hereinafter defendant No. 4) for recovery of Rs. 7,95,69,000/-.

2. Briefly stated the facts as reflected in the plaint are that the plaintiff is a company, incorporated and registered under the Companies Act, 1956. Bharat Halwasiya, authorized representative of the plaintiff is authorized to institute the present suit. Defendant No. 1 is a company duly incorporated and registered under the provisions of a Companies Act and is holding power of attorney in their favour executed by defendant No. 4 to take decisions on its behalf in respect of the purported project, namely, Ludhiana City Centre (hereinafter project). Defendant No. 2, Director and authorized representative of defendant No. 1 company induced the plaintiff to invest Rs. 5,19,00,000/- into the said project; personally assured and guaranteed repayment of the said amount along with interest and as