Q&As

The EMD shall not carry any interest for successful or unsuccessful bidders. 

EMD deposited by the unsuccessful bidder shall be refunded to them within x days of finalization of sale.Some banks refund the amount to unsuccessful bidder on next day of the auction 

The Successful Bidder is the one who placed the highest price compared to others by the end time of the Auction 

The Successful/highest bidder will be notified to their registered email.

The successful bidder shall deposit 25% of the sale price inclusive of EMD already paid immediatley on declaring him/her as the successful bidder and the balance 75% within 15 days from the date of confirmation of sale by secured creditor.

After declaring Successful Bidder if the successful bidder fails to pay remaining 15% after sale confiramation the EMD will be forfeited.

After deposting 25%(including EMD) by the Successful Bidder if the successful bidder fails to pay remaining 75% after sale confirmation within 15 days of the auction,the deposit 25% made by him/her shall be forfeited by the bank

Yes bank has right to cancel the auction

Yes Bank has right to postpone the auction.

The Authorised Officer may accept/reject the final price of e- Auction without assigning any reason thereof.