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Highest bidder in e-auction property by bank not court put stay on it
05-Jul-2023 (In Property Law)
This is regarding E-Auctioned property and I'm the highest bidder and paid 25%.Now the banker sent email like "Incidentally we may mention that the borrower is having time to close the account upto 15.07.2016. The borrower also filed a writ in High Court and the court has directed us to conduct auction but sale confirmation is stayed and sale confirmation is subject to the decision of the Court." As per sale notice within 15 days I have to deposit remaining 75%, now the baker is saying that the court sale confirmation and sale order will issue after 15th. So advise me regarding this please.
Hi
1) You may withdraw your bid from the bank citing the High court Order or wait till the judgment of the High Court before making the full payment.
2) You should write to the bank asking them to grant you time till the judgment of high court for balance of remaining 75% OR
3) You can pay the entire consideration to the bank in the form of Joint Fixed deposit (any which way the bank will definitely win the case in high court) and ask the bank to pay you interest on the Deposit till such time the case is settled in the high court.
1) You may withdraw your bid from the bank citing the High court Order or wait till the judgment of the High Court before making the full payment.
2) You should write to the bank asking them to grant you time till the judgment of high court for balance of remaining 75% OR
3) You can pay the entire consideration to the bank in the form of Joint Fixed deposit (any which way the bank will definitely win the case in high court) and ask the bank to pay you interest on the Deposit till such time the case is settled in the high court.
Helpful?
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Adv. Rajagopalan
Hyderabad | 500+ Answers
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