I have a question. A group of partners borrowed some 2 crores from the bank. The pledged property was only the factory and its assets. Due to non functioning of the firm, the bank has now initiated SARFAESI. It has sold all the factory assets and recovered around 1.4 crores (although bank is not giving exact details). Now it wants to initiate proceedings against the partners of the firm, and is attempting to take over their house and any other personal assets (even though these were not pledged to the loan). So far the Debt recovery tribunal has dismissed the case because the bank has not provided details of amount recovered so far.
My question is: Can the bank seize personal property which is not pledged ?