availed financial assistance from SREI Equipment Finance Limited for the
purchase of a HYDRAULIC CRAWLER EXCAVATOR SY210C by executing the
aforesaid Loan-cum-Hypothecation agreement whereunder a sum of
Rs.44,20,000/- was financed, repayable in 48 equated monthly installment of
Rs.1,21,600/- each. Respondent No.2 executed the said agreement as
guarantor and undertook joint and several liability for repayment of dues. It is
further submitted that by virtue of settlement agreement dated 30 th September,
2021, the right, title and interest of SREI Equipment Finance Limited under
the said agreement stood assigned in favour of the petitioner. According to the
petitioner, the respondents committed persistent defaults in repayment of the
loan. A demand notice dated 31st May, 2024 was issued recalling the loan
facility and calling upon the respondents to pay the outstanding dues.
