Property sold to third party when a civil suit is pending in court of law

Should We let the bank know about this case or should wait for the court ??...Should bank be made party ???

Yes, in case of Sikh owner; Hindu Personal laws shall apply.

The original allottee can affirm before court that she gifted without any consideration ( money), coercion/presure/threat.........................out of her sweet and free will: to your seller.

If she/you can; let a Medical Specialist/Board certify that she was/is mentally sound. 

Take possesion ( Kabza) and don't, ever give up.

Avoid further expenditure till matter is decided.

Rest let your own able counsel, opine to you.

Thank You Sir for your free opinion and advice...God Bless You !!

You are welcome.

Approach a very able and senior counsel of unshakable repute.

Avoid posers,pretenders, blackmailers that loiter at online portals to allure the unsuspecting querists.