Hi Pratyush, that is a great watch you have there and with a very nice family history. I am sure that experts will provide more detailed info, but the biggest watch out is to avoid over-restoring the watch and thus destroying the value (to collectors). Polishing the glas to take out scratches - yes, but carefully only. Polishing the case - NO, since it will blunt the case sides. Repainting or refurbishing the dial - NEVER, NEVER, NEVER please.
Ask help in this forum to find a good watch maker and let him/her do a proper service on the movement and clean the case + polish the glass. Leave the dial untouched and you will have a great heirloom!
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