1. Unless there is a warrant to arrest you issued by a court in India you will not face any hassles in flying out of India.
2. If the proceedings for recovery have been initiated by the bank you can opt to contest the case and also file for settlement in accordance with the law. The mere initiation of proceedings for recovery does not result in a warrant being issued against the borrower. The warrant will be issued only if you dishonour the legal process by not filing your appearance in the court, or not appearing in the court, as the case may be.
3. Your wife can execute a GPA to authorize anyone to sell her share in the gifted property.