Kindly advise if this property can be recovered.
Brief history:
In 1917 my great grandfather has purchased a 6000sqft land with house in his name.
In 1935 the property is tranferred to my great grandfather's cousin as a gift deed
In 1962, my great grandfather wrote a will according to which his son i.e my grandfather gets 50% and his son's male heirs get 50% ( my father and his brother )
In 1964 my great grandfather expired.
In 1966, the 6000sqft property with land and house which was gifted to my great grandfather's cousin is returned back through a release deed to my grand father as the property was in continuous possession of our family since 1935.
In 1970, the property gets attached as my grand father was not able to repay a debt.
In 1975, he files for insolvency and he is declared an insolvent.
In 1979, the property comes for auction in the court and the court receiver's brother in law purchases for a sum of 6000/- Rs. No notification was sent to my grandfather or his creditors. The amount is also not disbursed to the creditors and it still lies in the court.
In 1990, my grand father repays the creditors with his money and releases the insolvency.
In 1992, the property gets sold to another buyer.
There is a commercial complex right now and the land alone is worth 10 crores.
My father was a major when the property was auctioned in 1979 but his brother was a minor.
Since the gift deed was released, can the property be considered ancestral property and the will be applied. At this point can my father and his brother claim that only their father's share should have been auctioned and not the enitre portion?
What are the limitations and is there any remote chance for negitioation?
Thanks.
