AUCTION SALE OF IMMOVEABLE PROPERTY, MORTGAGED TO BANK OR ATTACHED BY THE RECOVERY OFFICER, UNDER RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993.
Auctions conducted / to be conducted in...
1. The intending bidders should pay 10% of the upset price of the property as EMD by means of a D.D. drawn in favour of the Recovery Officer (for DRC No.____), Debts Recovery Tribunal-1, Chennai, payable at Chennai before 12.00 Noon on the date of auction.
2. Generally the prospective bidders can inspect the properties between 11.00 AM and 3.00 PM on the previous day of auction or any other day specified.
3. The upset prices are generally arrived at on the basis of valuation given by the approved valuer of the applicant bank as well as on the basis of the guideline value for land given by the Registration Department of the concerned state and the properties will not be sold below the upset price quoted.
4. The successful bidder should pay 25% of the bid amount (less the E.M.D.) immediately on the sale being knocked down in his favour and the balance money within 15 days.
5. The successful bidder should bear the charges/fee payable for conveyance such as Registration fee, stamp duty etc as applicable as per law in addition to poundage fees [@ 1% of bid amount + Rs.10/-].
6. The Presiding Officer or Recovery Officer has the absolute right to accept or reject a bid or postpone/cancel the sale, as the case may be.
7. The properties are generally sold on “as is where is” basis condition. The purchasers should make their own enquiries regarding any arrears of property tax, electricity dues, etc themselves before participating in the auction.
8. Information about other conditions of sale can be collected from the Branch Manager, of the Bank concerned or the Recovery Officer.