Let me explain the happenings of my problem, I myself and other 3 directors who are husband wife and brother in law started a company in 2005. I was having 18% of share in the company. We availed a loan of Rs 10 crore from ICICI bank during the year 2007. For this I had mortaged our ancienter property. The other properties included our director's personal assets few assets bought during the business. According to other directors there was a huge loses in the company and we lost more than Rs crore in the loss. Once our accounts were declared NPA we started selling off the common assets and cleared the loan amount. Mean while my directors retired me from my directorship as i did not attend the thee consecutive board meeting. By 2010 we sold few assets and 4 assets were with the bank with an outstanding amount of Rs 4croore. The assets which were left were my antibacterial property which has major share 2nd was the factory unit which itself would fetch 4 crores easily and other 2 properties were belonging to other director friends. In the year 2013 the assignment of our debt was given to a privet body for Rs 4 crore. By this time my son and daughter had filled case in a local court to hold our assets as it was ancestral property. This company gave us a year of time to payback their dues ( principle and interest) however we failed to pay back the amount. The company sent notices an paper publication to bring the factory unit for auction. It mentioned in paper publication that the reserve price of the following property would be 3.25 crores. But there were no participants. Further without notice to me they sold the property to a part who was introduced by my directors for 1.25 crore and remitted another 1.75 crore form my directors pocket. I received a letter from this company saying we have released the property for the tune of Rs crore. My question is How can the sell the property for 1.25 crore just after a month of auction notice of Rs 3.25 crores. The say as we collected 3crore we released it. How should i go bout this in legal proceedings and what all are my chances to get my property released at a best deal?