Hi Legal Experts,
My brother has taken a 15 lac loan from a private bank for his business keeping our own home as mortgage. In the period of time he incurred huge loss in his business and had to shut down. He had made regular payments to the bank untill his business was crashed. later he was not at all in position to repay.
Today, Bank has issued the Sarfaesi notice and has asked us to pay the entire amount or the property will be seized. Can you guide me with alternative remedies in this case? i know we could appeal in DRT but this will not help since my brother is financially broke. If he applies for bankruptcy, is there any law which can avoid the property siezure?
Please help advice.
Thanks a lot for any advice you can provide in this matter.