My friend has availed Cash Credit loan from a Bank. Her mother, 67 years old, is a guarantor for the loan. She is having a house in her name. The house is not mortgaged to the bank. In her assets and liability statement submitted to the bank, the house has been mentioned as asset. The guarantor along with her husband, 73 years old, are living on the ground floor. The first floor is occupied by my friend and his family. There are three directors of the company in which name the Cash Credit limit stands. The three directors are: i) my friend ii) his wife iii) his father who is living on the ground floor. Now the bank account has been classified as NPA and bank has issued notice under sec 10(2) of Securitisation Act. The said house is not mentioned as the mortgaged property which actually is not mortgaged also.
Under the above circumstances whether the bank can take possession of the house owned by my friends mother?
