We are 3 partners bank loan defaulter of 27lac (we actually withdrew Rs. 15lac). We have mortgaged one land Rs. 4 lac and we are personally
guaranteed and there is no guarantor for the loan. Now can bank –
1. Attach the ancestral property of our father or wife to recover the loan? We all staying separately from our parents.
2. If so can they go to court against the rule to claim their share?
3. Can bank compromise as we have no other property to pay the loan? We can pay altogether 5 lac cash, the land and the 3 lac machineries. If bank can not compromise then what step can be taken by bank?
4. Is our parent capable of giving their property to any body they want or bank can claim that to recover loan?