Hi,
I am a trustee in a trust owning an educational institution. Have taken a bank loan and now it is under NPA. Being a trustee I have given my personal guarantee on the loan along with other trustees. I have also given my personal property as mortgage along with other trustees. Also the property in which the institution is located is also mortgaged.
The bank has commenced the enforsing sarfesi act. They said will take possession of the mortgaged personal property. I want to know what will be their next action. Whether they will go for the property in which the institution is located or against other assets of the trustees.
kinldy advise. Also what are options available for us. I am presently out of India and will it effect my saving outside India and my job.
