Financial institution attaching ancestral property


A relative formed a private limited to build a commercial property with 5 others and took a loan from a state run financial corporation. Now he has defaulted on the loan and the financial corporation has seiged the commercial property and come looking for the dues. They have found and attached an undivided ansectral property for auction where 3 (1 of them deceased and the rest of the 12 people are his children and grandchildren) of the partners along with 10 others (I am one of the 10) have a share. 

1) Can a financial corporation attach and auction an undivided ansectral property where there are others who are eligible for a share?

2) As a person who is eligible for a share in the ansectral property and no relation with the private limited and its dues, how should I proceed?

3) How do I force the division to happen so that I do not get affected by this?

4) Please recommend good experienced  lawyers in such cases in Karnataka.

 

Thanks for your time in advance to answer and advise. 
 

 
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if you have given consent during the time of guarantee or mortgage of that property to bank then financial institution can auction it . if another co sharer or interest holder not given anything then they cant auction it.

file suit for partition alongwith prohibotory injunction with consequential relief of posession and also file application under order 39 rule 1 and 2 cpc to obtsain stay orders.

feel free to call and whatsapp if any dobt left.

 
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