Drt

Dear sir, I have received a notice from DRT for the recovery of a loan amount of Rs.24 lacs. But the problem is, neither me nor my husband are the borrower neither the guarantor of the loan. Both me and my husband had deposited a sum of Rs. 2.8 Iacs as a Fixed deposit for Bank Guarantee for working of my business(contract work). But when the contract expired, instead of returning the fixed deposit amount, the bank adjusted it with the loan amount without informing us. The bank is not able to trace the borrower so issued my husband and the guarantors a notice. The license and other documents were registered under the name of the former Borrower/Proprietor and have been transferred from the borrower to my name. I approached the bank with all the documents and licenses from where the loan was granted claiming as the new Proprietor of the firm but the bank did not accept it. Also, I sold the land which is said to be the mortgaged land, on the strength of power of attorney to my husband and mutated the same in his name as there was no prior mutation of the land, as per the records of the settlement office. I paid many installments for the loan to the bank time to time, but the bank never accepted me as the Proprietor or Power of Attorney holder of the firm. But now the bank has gone to DRT, called all the guarantors, my husband and the borrower while at the same time the bank is asking me to do a one time settlement as a third party but they refuse to clear my stand in the case. 15 workers earn their living from my business. The guarantors of the loan is in contact with me but have no intentions to pay the loan amount nor helping me to solve the issue. What should I do in this matter? The date to appear in DRT is 25th July. Pl help. Also Pl confirm if any land without mutation can be taken as collateral security for any loan?