kindly help us

Dear sir we have taken a construction equipment loan in Hdfc bank rs 1520000 and value of the machine is 2270000 we paid down payment of 750000 and emi 51000 for 35months But in heavy competition we only paid 6emis after 3months bank seized the machine and sold it for 900000 Now they are demanding another 700000 rs as a shortfall we have in huge loss can we fight in civil court for low price sale or what how can we settle it actual principle balance is 390000 and one more in civil the status of the account has been settled and Account closed pls reply