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AUCTION NEWS

Auction of assets for enforcement of dues has been going on since mankind settled down into communities and started commerce. Disputes between creditors and debtors could not be any less in antiquity. Team BankDRT however brings to you in simple and easy to understand language the intricacies of auctions and how you must go about it. Click on the links to see the full articles:



Title :: Auction of assets behind the back of Official Liquidator is fatal to an auction.
Brief :: Where the Official Liquidator is custodian of an assets, it is mandatory to put him on notice irrespective of the fact whether the auction is under a Recovery Certificate issued by the Debts Recovery Tribunal (DRT) or under the provisions of the Companies Act. Keeping the Official Liquidator in the dark about sale of assets of which he is the custodian would be fatal to the auction.

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Title :: An irregular auction cannot be sustained.
Brief :: An manifest irregular auction has to be set aside at all costs and the courts won’t allow any argument to sustain such an auction.

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Title :: Latches – detrimental to auction
Brief :: A person aggrieved by an auction, must oppose it in time. Delay in challenging an auction is fatal to complainant

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Title :: New Paradigms in DRT auction !
Brief :: Debts Recovery Tribunal ( DRT ) Mumbai has finally rung the curtains down on Daewoo motors’ 5 year old saga of find a suitor for its Surjapur plant. In the process some new and interesting issues have cropped up on conversion of Non Performing Assets into Standard Assets. This offers new hope to certain other beleaguered big ticket NPAs.

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Title :: Auction purchasers beware -Auction Notice under SRFAESI Act should contain mandatory details
Brief :: Those looking for great buys at the auctions being conducted by Banks and FIs should be careful about the auction notices. The auction notice issued under SRFAESI Act requires certain mandatory information. These are crucial to the very notice itself. Non inclusion of the data in the notice is fatal to the auction itself.

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Title :: TN lawyers strike: Farmer pleads own case and gets stay of auction by DRT
Brief :: With the impending auction of his agricultural land a farmer could not wait for the lawyers strike to end. He presented himself before their lord ships of the Madras High Court and walked away with a stay order.

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Title :: To challenge an Auction – follow the procedure
Brief :: Any person aggrieved by an auction conducted by the Recovery Officer can challenge it. Appeal against an auction should be made as per procedure prescribed in Schedule-II of the IT Act it. Following any other methodology may not bear any fruit.

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