Property owner is not willing to clear bank loan and may going to file Insolvency Pitetion

This is regarding a Residential and commercial property in a prime locality in Bangalore. Residential property 3900 sqft : 6.4 Cr Commercial property 3300 sqft : 5.4 Cr Me and my friend made almost complete payment, 6.3c and 5.3c to the property owner by way of RTGS and some part of Cash. The balance sale consideration of 10Lks (on each property ) shall be payable at the time of registration of sale deed or with in 90 days from the date of agreement Mar 5th 2018. These two properties have bank loan of 2.5Cr and 1.5Cr on respective properties. Seller agreed to clear the loans and outstanding dues any before the date of registration (Say 1st June). Issue: Seller is not in a position to clear the loan now and not paying the EMIs as well (There is a chance of NPA, Bank my seize) and also came to know he is going to file IP (Insolvency petition). Kindly advise what kind of rights we have on the property in the below scenarios. 1) Neither clearing bank loan nor paying EMIs and property is under control of Bank as a NPA. 2) Seller file the IP. In first case shall we pay the 2.5Cr and 1.5Cr outstanding loan amount to bank and can get the property registered through court (or by willingness Seller) In the Second case do we have right on the property after bank or post bank recovery it will liquidate and distribute among the Creditors and including the Me & My friend in the pro rata basis. Apologies if I didn't communicate my query properly. its really hard time for us now. Your valuable information is much helpful. Thanks and regards, Ma