on Auctions by Banks and FIs

(guide to auction participants)


  1. What is the difference between aucton sale and confirmation of sale?

  2. How can I seek extention of time for depositing the balance 75% of the Sale Price?

  3. What documents I should be getting from the Recovery Officer of the DRT?

  4. What precautions I should take in case the owner of property is dead and is represented by his Legal Representatives ?

  5. What precautions I should take if the property under auction is a flat in a Coperative Group Housing Society?

  6. If there is a dispute between the management of the cooperative group housing society and the previous owner, will I have continue the litigation or will I be made responsible for those litigations.
  7. What precautions I should take if the property under auction belongs to third parties?

  8. What precautions I should take if the property under auction belongs to the partners of a Limited Liability Partnership firm?

  9. If I buy a limited company, or its assets, will I be responsible for the payment of workers dues?

  10. If I buy a limited company, or its assets, will I be responsible for the debentures and shares held by the people under previous managment?

  11. What are the key factors that I must keep in mind if the property is in the name of “Karta” of a Hindu United Family (HUF)?

  12. Who would be responsible for the safety and security of the property between the dates of auction and possession?

  13. Can a tenant residing in the auctioned property refuse to vacate the premises?

  14. Can I insist on the Recovery Officer of a Debts Recovery Tribunal/ Authorized Officer of a Bank to evict all occupiers and residents and give me vacant possession of the property?

  15. Will I be responsible for Water or Electricity or other State dues like Income Tax, or Sales Tax etc., of the previous owner of the property?

  16. How can I come to know the exactd dues on the property before the auction process?

  17. What would be my liability if some other bank has secondary mortgage over the property and claims its dues after I have purchased the property?

  18. Can the borrowers /debtors seek to set aside the auction and reclaim the property by depositing the amount ?

  19. If the auction is set aside, will I be given any compensation?

  20. Is it OK to buy the assets at an auction if the court cases between the bank and the borrower is still going on ?

  21. Can I seek being impleaded into Court cases between the banker and the owners of the assets in case the dispute between them is not resolved by the time I have taken over the property?

  22. If the property auctioned belongs jointly to two brothers, only one of whom is reported to have taken the loan, will I be asked to surrender half of my protion to the other?

.... and 10s and 100s of more critical and sensitive questions .... all answered in simple non legal language. This book may save you 1000s of Rupees and a Huge tension ove nagging doubts!! Know the pitfalls - navigate your way and maximize returns form auctions !!!

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