Is proprietor of factory liable to pay loan if it is taken by father

Dear Sir, Please help me out in my query. I am currently working in Pune. My fiance's father took the loan of Rs 2 crores from different sources (Banks, Relatives, Friends, etc) for his factory but unfortunately things are not going well and I doubt he will be able to re-pay his loan as he is already 55. He have another daughter who is already married. He have made my fiance as the proprietor of office and factory and both are in her name. Till now he have following asset:- A house on his name (no loan, nor mortgaged) worth approx Rs 40 Lakhs Factory, office, factory plot and machines worth approx Rs 60 Lakhs. (As I mentioned my fiance is proprietor of the office and factory) Now my question is 1). If in unfortunate event of the death of my father in law does my fiance is entitled or bounded to pay his loan legally ? 2). What all assets (like house, factory, machines) the creditors are legally entitled to take as a recovery ? Please help me out in this.