Legal Question in Credit and Debt Law in India

In an auction if the highest bidder refuses to take the property, can it be given to the second or third highest bidder by bank privided the second /third highest bids are above the reserve price.


Asked on 9/21/11, 8:21 pm

4 Answers from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

its the discretion of the bank.

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Answered on 9/21/11, 10:53 pm
Sanjay Kalra Sanjay Kalra & Associates

Yes it will be given to 2nd or the 3rd highest bidder. There is no discretion of the bank in this matter.

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Answered on 9/21/11, 11:23 pm
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

the bank has a discretion in scrapping the entire auction and re auction the same.

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Answered on 9/22/11, 2:16 am
KarVai Legal Solutions Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in

yes its bank discretion

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Answered on 9/26/11, 12:46 am


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