Dear experts,
I have 2 questions on my situation and would greatly appreciate your opinion:
We had a business loan for our business for which there are 6 partners. Myself, my 2 brothers and 3 sons of one brother- so a total of 6 partners. Our house which is under me and elder brother (2 people) name was put up as collateral for this loan. The business had gone bankrupt and the loan was not repaid, so the bank seized the property under sarfaesi act.
Recently, the property was sold by the bank. we had a loan of 50 lakhs and the property was sold for 2 crores.
1.) I want to know what would happen to this remaining 1.5 crore. Would the bank deposit the rest of the amount into me and my brother account or would they deposit it into all the partners of the business loan?
2.) Will the bank wait for direction from court as there are property cases pending amongst us and not deposit the money into any of the accounts?