Best solution to remove mold and remedy

[Sai T.]

There have been water issue in the basement. How to remove the mold, should I use Drywall mold tough and how to watertight the house from outside.

There were wood panels which caused to grow the mold. 

Thank you

[Moises R Cosme]

Sai, 

1. Cut out all of that sheetrock, all of it

2. You may need to open up the wall completely and replace the wood behind it, but that is unlikely to be the case

The key is to remove the substrate entirely; I would NOT try to clean it up by scrubbing off the mold or painting it or covering it...  Cut out all of the affected area and replace the material.  

The big question:  where is the water coming from? I am sure you are already working on identifying the problem and fixing it.