I'm a guarantor for a loan and I have the liability

I'm a employee of a public sector bank. Me and a staff (suppose Mr. Rajesh) have taken seperate loans in our staff cooperative society on mutual guarantee. Now Mr. Rajesh committed a fraud to a tune of Rs. 14.00 lakhs in the bank and the same day he committed suicide. FIR is filed and the bank is not able to recover the money till date. He has a liability of Rs. 20.00 lakhs in the bank. I seperately have Rs. 1.20 lakh debt to repay for his default. I have the details of his ancestral agricultural property. I contacted a lawyer and he said I have 2 options. 1) contact a nearby co-operative tribunal and give the particulars of notice, his ancestral property... And obtain stay so as the society will proceed for recovery. 2) Repay Rs. 1.20 lakh on his behalf and proceed to give attachment order on his property. My colleagues ruled out the first option as society gave loan only on basis of salaries of borrower and guarantor and in any case if borrower is defaulted first option is to get holdof guarantor as per our society loan rules. So I want to follow the second option. I will repay the amount and I make attachment on property so that they can't transfer the property in other people names. Please guide me on how to start the process for 2nd option. Things I need. 1) I know the family structure of the deceased but I don't have the names of each and every one. Do I need them? 2) should I send any legal notice to them before repaying the loan amount Rs. 1.20 lakh. I already talked to them and they are reluctant to repay. 3) should I inform or warn them about the legal action I am going to take? 4) what all amount of expenses I will be incurring for this process? As per our seniors I came to know that our bank will not take any action against him for that Rs. 20.00 lakhs.. bank will receive 7.00 lakhs for nps, group insurance together. And the remaining Rs. 13.00 lakhs will be written off. So I have to fight seperately and can't go along bank. Police can't recover the money and will close the case mentioning theft and suicide... Even if they recover money I can't recover for myself. Please do answer