My father took CC Limit under CGTMSE scheme in 2011 and my dad died in 2012. Neither business is running nor we have any assets because we live in a villege where land belongs to forest i.e. unregistered land. Factory was running in our house and now there is no stock machinery or any thing of business/factory which was the primery security.
I am college student doing job so that me and my sibling can study but recovery notice has been sent by tribunal under rule 2 of second schedule to the IT Act 1961 read with section 29 of RDDB & FI act 1993. After receiving this we are in too tense because we have nothing to pay and hire an advocate.
Please tell me what will happen now and whether it will affact our future/carrier.