Re: auction under sarfaesi act 2002

Even if there was one bidder who has bid at a higher price to the upset/reserve price, the Bank is perfectly in order in selling the same. It is not necessary under law that there should be more than one bid.

Re: auction under sarfaesi act 2002

Yes the bank performed legally.

Re: auction under sarfaesi act 2002

The auction may be closed on one bid. However, you may still get the property back if you make a better offer backed by sufficient earnest money.

Re: auction under sarfaesi act 2002

Duplicate question. already answered.

Re: auction under sarfaesi act 2002

Yes, the auction is legitimate. Bank can sell your property based on 1 bid.