JUDGMENT :

Amit Bansal, J.

1. The present suit is a summary suit instituted under Order XXXVII Rule 1 of Code of Civil Procedure, 1908 (CPC) for recovery of USD 3,906,479.33/-, along with interest, in favour of the plaintiffs and against the defendants no. 1 and 2 jointly and severally, on account of being the personal guarantors of the defendant no. 3.

BRIEF FACTS

2. In the suit, it has been pleaded that:

(i) The plaintiff no. 1, TransAsia Private Capital Limited, is an asset management company, incorporated under the laws of Hong Kong, acting in its capacity as manager for and on behalf of Asian Trade Finance Fund, a sub-fund of TA Asian Multi-Finance Fund. The plaintiff no. 2, TA Private Capital Security Agent Ltd./TA Private Capital Ltd., is a company incorporated in the British Virgin Islands. The plaintiff no. 2 is the parent company of the plaintiff no. 1.

(ii) The defendant no. 1, Mr. Parmanand Agarwal and the defendant no. 2, Mr. Rajeev Goel are personal guarantors pursuant to the Facility Agreement dated 4th July, 2017 entered between the defendant no. 3, Apple Overseas Pte. Ltd., a company incorporated in Singapore, and the plaintiff no. 1. As per the said Facility Agreement,