STATE BANK OF SAURASHTRA Vs. RAVI PROFILES PVT LTD

JUDGEMENT

(1.) THE Applicant Bank has filed an application being OA No. 422 of 2001 against the respondents No. 1 to 5 jointly and severally for recovery of a sum of Rs. 29,50,659.49p. with cost and further interest at the rate 15.75% per annum with quarterly rests from the date of filing of the application till realisation.

(2.) It is stated in the application that the respondent No. I is a company incorporated under the provisions of the Companies Act, 1956 vide registration No. 04-13349 of 1989-90 on/around 12th February, 1990 with the main object of carrying on business of manufacturers, processors, reprocessor, fabrications, etc., that respondent Nos. 2 to 5 are sureties for the financial facilities sanctioned by the applicant to the respondent No. 1 company.

(3.) TO avail the above said credit facilities, respondents have executed following security documents on 3rd August, 1991 :-