I cancelled my student visa and came back to my home country due to some family reasons, however now that everything is sorted in my home I wish to apply for a student visa again with a proper procedure. Is there any chance of getting student visa denied?
There is always a chance that you will be denied, but you appear to have applied for a visa, left the country, cancelled it for a good reason, and now wish to return. That sounds like the sort of responsible behaviour immigration officials like to see. Pausing your studies for family reasons shows a strong tie to your native country, which is always good.
I think you should be fine.