Hi,

You have not disclosed as to what is the loan amount and what is the value of the property. In case the value of the property is less than the loan amount due to you, the bank may start recovery process for rest of the loan. 

Bank can auction assets to recover loan amount 

in event of any shortfall sue the borrower to recover shortfall 

The bank has to auction the property and then has to adjust the amount against the loan and return if there return the borrower if any surplus amount from sale and auction.

Yes it will be adjusted 

1. The bank in recovery of the loan can attach the property mortgaged with the bank and then sell it to recover the loan amount.

2. If the loan amount is not fully recovered then the bank can file a civil suit for recovery of money.

3. It the property is not sold as yet then you continue to enjoy the property. 

The posession the property taken over by the bank under Sarfaesi Act cannot take posession of unsecured asset within the premises power bank makes pressure on defaulter to pay the remaining amount by keeping the unsecured asset to bridge the gap between the loan amount outstanding and the value of property in this case you need to approach High Court to get direction to release the unsecured asset kept in the premise which is not the property of the bank and is not covered in sarfaesi act being a movable property

File application DRT to either auction the property and adjust the loan amount and refund of excess amount if any or till no auction , possession shall be return. 

YES, make an offer to the bank in writing

Dear Sir,

Such attachments will later result in public auction.  And amount received in public auction will be adjusted towards your outstanding loan amount.  Sometimes in public action your property fetch less amount then what you have to pay.

That depends on agreement between the borrower and bank

However do check the valuation of the assets 

In case their value is higher than the loan outstanding then the bank should sell them in auction and pay you the excess from the sale price realised 

After adjusting your loan account ,if there is any surplus ,the bank will return it. The bank is bound to return the excess amount to the mortgagor/borrower,after deducting the unpaid loan. 

The bank after taking possession of the property may bring it to auction sale and the sale proceeds may be adjusted tothe outstanding loan amount.