Dear, Having regard to the issues on which the opinion is sought, my reply would be as
1. Can the Bank take over the said Agricultural Property in DRT in our case ?
Ans : After the application is filed with DRT, the Bank can not, on its own, take over the property. It may have to wait for the decision of DRT. The decision would come after your reply is submitted. In case no reply is submitted, DRT can pass Ex-parte order... So take over by the bank is ruled out in DRT cases. DRT can sell the agriculture property in execution of recovery certificate ... [ which is issued after following due procedure as prescribed under the DRT rules]
2. SARFAEI Act can not be invoked against agriculture property...
Further, if the account is settled under OTS... after payment all parties would be discharged from their liabilites... In case the litigation continues.. and DRT issues decree / recovery certificate, besides firm's assets, in case guarantee is given, all guarantors would be liable personally. The partners of the firm are also liable personally for the debt of the firm.... The decree / recovery certificate reman valid for 12 years from the date of issue... In DRT proceedings, the bank can recovery from the personal assets of the judgement debtors [ excepting the assets excluded from sale like .. Mangalsutra of a women, tools of craftman / artisal etc., assets needed for suvival of a person]
Hope this will clarify your doubts