A female relative of mine needs guidance on protecting her husband's inherited property, located in Punjab. The husband was gifted their house (where they live) by his father and is registered in his name. He also inherited some agricultural land out of his father's HUF. He acted as a personal guarantor for a loan to his company (a Pvt Ltd co., of which he's a Shareholder and Director) and had hypothecated this house. There's a possibility of this guaranty being called by the bank due to inability to service the loan by the company, in which case the bank may force him to sell their house.
The wife feels that she (along with their two daughters) should have equal right on the house, being a gift from her father-in-law for the family's benefit, even though registered in the sole name of her husband. Since she was not party to the guarantee and hypothecation to the bank, she wants to protect her interest in the house, and preferably prevent the husband or the bank selling it at all.
1. What are the Wife's and Children's legal rights in this situation on the house property?
2. Can she move a court or other legal forum in anticipation, or even after notice from the bank, to prevent this sale? She doesn't mind the husband having to face separate recovery procedures from the bank.