Victimisation by Bank

Querist : Anonymous (Querist) 11 September 2014 This query is : Resolved
We a Pvt. Ltd. Firm, wherein my brother, his wife, myself and my wife were the directors. We were enjoying credit facility with our Bank, duly secured against our colateral assets and debtor payments.
In year 2008, due to heavy recession, our Co. underwent immense liquidity crunch. Our Bank turned down our request to enhance our credit limits. We then decided to sale off our joint household asset which was FREE FROM ANY encumberance.
However at the juncture of public sale notice. Our Bank intervened with objection against sale, as me and my brother were personal gaurantors to the company loan (no earlier recovery demand was made by Bank and all our collateral assets were still undisposed Year 2009)
Me and Brother agreed to handover our entire share to Bank subject to clearance of all Govt. Liabilities owed by company.
However after reciept of first installment of payment from our builder, Bank retracted from making payments to Sales & Service Tax.
Upon which we intimated Sales & Service Tax authorities to attach our personal accounts, where 2nd installment of payment was to be recieved.
Sales Tax dept. attached the account prior to reciept of our payment. Bank failed to make payment to Sales Tax. Sales Tax dept. then attached our other collateral securities, however all the payments recieved against sales of those securities has been kept by Bank in Suspense account to hide the details from persuant Sales Tax dept.
At current juncture still one final assest remains undisposed. Tax liabilities now have doubled. Further due to such grave act of Bank, our company has completely derailed and many Bank Gaurantees remain invoked by our clients. Company has remained defunctional since 2009. Bank on other hand has kept charging us interest.
My query,
What sort of legal action should I initiate against Bank.
Can I seek compensation from Bank for the loss of buisness and Bank Gaurantee invoked.

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Querist : Anonymous (Querist) 11 September 2014
Further what stand should be taken with Saless and Service tax authorities for accruing penalties. Though facts have been brought to their records.