Free & Impartial Advice!
Disclaimer
Experienced In Bank Auction Consultation & Business Advice
We at chennaibankauction.com are not real estate agents for auction sale properties – We DO NOT sell auction properties. We list properties, cars, gold, and scrap from various Bank/NBFC/ARC/High Court/DRT/NCLT on our website daily.
Purchaser/Subscriber Responsibility:
For site visits, photos, location maps, property availability, and all other details, the purchaser/subscriber must contact the bank directly. If the bank authorized officer does not pick up the phone, we advise you to email them (using the address provided in the auction sale notice) or visit the concerned branch to get the details. It is not our responsibility to arrange for site visits or provide the above information regarding the property.
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Paid subscribers cannot claim the refund money if you are not satisfied with the listed properties. Kindly read our refund policy Our policy is viewable on the membership product page, the footer, and the checkout page; purchasing the service signifies your acceptance of it.
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Please be aware that the number of properties listed daily is not guaranteed and may fluctuate.
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The subscriber/purchaser is solely responsible for contacting the bank and obtaining complete details regarding the property issued by the organizations.
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It is the sole responsibility of the buyer to check all the legal procedures of the document before buying the auction property.
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It shall be the responsibility of the interested bidders to inspect and satisfy themselves about the property before submission of the bid.
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All the photos, videos and details of the property belong to GALAXY DIGITAL MARKETING If used without our prior permission will be subjected to legal action.
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Bank/NBFC/ARC/HIGH COURT/DRT/NCLT selling the property “As is where is”, “As is what is”, and “Whatever there is” basis under Section 13(4) of the Act read with Rules 8(6),8 & 9 of the Security interest (Enforcement) Rules, SARFAESI ACT 2002 (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 ) for realization of Bank’s dues.
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The property is being sold on ‘as is where is’ and ‘as is what is’ basis. The Bank has disclosed only the known encumbrances, statutory liabilities, if any, as above and it is for the purchaser to make their own independent inquires at their own costs before participating in the auction.
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Bidders shall hold a valid Digital Signature Certificate (not required for all organizations) in his own expense issued by competent authority and valid email ID and should register their name/account by login to the website of the aforesaid service provider. They will be provided with user ID and password by the aforesaid service provider which should be used in the e-auction proceedings.
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The EMD and other deposits shall be remitted through EFT / NEFT / RTGS to the Bank account as specified above and the amount of EMD paid by the interested bidder shall carry no interest. The amount of EMD paid by the successful bidder shall be adjusted towards the sale price.
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The successful bidder shall deposit 25% of the sale price, after adjusting the EMD already paid, immediately, i.e. on the same day or not later than the next working day, as the case maybe, after the acceptance of the offer by the Authorised Officer, failing which the earnest money deposited by the bidder shall be forfeited. The Balance 75% of the sale price is payable on or before the 15 th day of confirmation of the sale of the secured asset or such extended period as may be agreed upon in writing between the Secured Creditor and the e-Auction purchaser
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The intending bidder should submit the evidence of EMD deposit like UTR number along with a Request letter for participation in the e-Auction, self-attested copies of (i) Proof of Identification (KYC) Viz ID card / Driving Licence/Passport etc., (ii) Current Address -proof of communication, (iii) PAN Card of the bidder (iv) Valid e-mail ID (v) Contact number(mobile/Landline of the bidder etc., to the Authorised Officer of the particular bank.
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To the best of knowledge and information of the Authorised Officer, there is noencumbrance on the property. However, the intending bidders should make their own independent enquiries regarding the encumbrances, title of the property put on auction and claims/ rights/ dues/ affecting the property, prior to submitting their bid. The e-Auction advertisement does not constitute and will not be deemed to constitute any commitment or any representation of the bank. The property is being sold with all the existing and future encumbrances whether known or unknown to the bank. GALAXY DIGITAL MARKETING shall not be responsible in any way for any third party claims/ rights/dues.
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Neither the Authorised Officer/ Bank will be held responsible for any Internet Network problem/Power failure/ any other technical lapses/failure etc., In order to ward-off such contingent situation, the interested bidders are requested to ensure that they are technically well equipped with adequate power back-up etc. for successfully participating in the e-Auction event.
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Some properties are occupied by the Borrower or Tenant / Lease party. In such cases bank gets court order(under Section 14 rules) to evict the party. It usually takes 1 to 6 months for this entire process of eviction.
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Stay order cases: If the Borrower gets stay order from the court against the Auction conducted, then the EMD amount you paid will be refunded at once (Contact Bank).
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The Respective organizations is not responsible for any Unexpected delay due to any National disasters or court holiday, transfer of judges, eviction judgment delay.
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The Bank / service provider for e-Auction shall not have any liability towards bidders for any interruption or delay in access to the site irrespective of the causes.
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The bidders are required to submit acceptance of the terms & conditions and modalities of e-Auction adopted by the service provider, before participating in the e-Auction.
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The bid once submitted by the bidder(via online e-auction), cannot be cancelled/withdrawn and the bidder shall be bound to buy the property at the final bid price. The failure on the part of the bidder to comply with any of the terms and conditions of e-Auction, mentioned herein will result in forfeiture of the amount paid by the defaulting bidder.
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Finality of Decision
The decision of the Authorised Officer regarding the declaration of the successful bidder is final and binding on all participating bidders.
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Right to Cancel/Postpone (Prior to Declaration):
The Authorised Officer reserves the right to cancel or postpone the e-Auction process/tender at any time before declaring the successful bidder, without the need to assign any reason.
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Right to Accept/Reject Bids:
The Authorised Officer has the absolute right to accept or reject any bid, or to postpone or cancel the sale, without assigning any reason whatsoever.
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Highest Bidder Clause:
The Authorised Officer is not bound to accept the highest offer. The Officer has the absolute right to accept, reject any or all offers, or adjourn/postpone/cancel the e-Auction without providing a reason.
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Confirmation:
The sale is subject to final confirmation by the secured creditor.
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The bid submitted without the EMD(in open auction cases) shall be summarily rejected. The property shall not be sold below the reserve price.
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The conditional bids may be treated as invalid. Please note that after submission of the bid/s, no correspondence regarding any change in the bid shall be entertained.
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The EMD of the unsuccessful bidder will be refunded to their respective A/c numbers shared with the Bank. The bidders will not be entitled to claim any interest, costs,expenses and any other charges (if any).
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In case of forfeiture of the amount deposited by the defaulting bidder, he shall neither have claim on the property nor on any part of the sum for which it may be subsequently sold.
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The successful bidder shall bear all the necessary expenses like applicable stamp duties / additional stamp duty / transfer charges, Registration expenses, fees, GST,Pending Eb bills,property tax,water tax,sewage tax. for transfer of the property in his/her name.
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The payment of all statutory / non- statutory dues, taxes, rates, assessments, charges, fees etc., owing to anybody shall be the sole responsibility of the successful bidder only.
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In case of any dispute arises as to the validity of the bid (s), amount of bid, EMD or as to the eligibility of the bidder, authority of the person representing the bidder, the interpretation and decision of the Authorised Officer shall be final. In such an eventuality,the Bank shall in its sole discretion be entitled to call off the sale and put the property to sale once again on any date and at such time as may be decided by the Bank. For any kind of dispute, bidders are required to contact the concerned Authorized Officer of the concerned bank branch only.
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The sale certificate shall be issued after receipt of the entire sale consideration and confirmation of sale by the secured creditor. The sale certificate shall be issued in the name of the successful bidder. No request for change of name in the sale certificate other than the person who submitted the bid / participated in the e-Auction will be entertained.
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This sale will attract the provisions of sec 194-IA of the Income Tax Act.
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Bank properties are less than the market price. The price mentioned is not the final price. It can be increased during the auction.
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Note: All the properties listed in this website may not be sold on the same Auction date. If the property is not sold in auction on that particular date, it will be listed for Auction again in few days or on request to the bank. You can contact the bank and verify if the property is sold or not. If not sold You can negotiate and give best offer to bank. We upload 40-70 properties in our website daily. Subscribe and access all content now.
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The contents of this site are for guidance purpose only. Please refer to the official SARFAESI sale notices issued and published by the respective organizations and confirm the published property details. We are not a real estate agent for auction sale properties and not responsible for listed sale notices. It is the sole responsibility of the subscriber to contact the bank and get complete details about the property issued by the organizations. We don't sell auction properties. This is not an official page of any bank and this is only an aggregator page.
Also Read this FAQ page for more details