E-Auction Terms & Conditions

  1. The property/ies will be sold in "As is where is", "As is what is", and "Whatever there is" condition, including encumbrances if any {There are no encumbrances to the knowledge of the Bank. For details of encumbrance, contact the authorised officer of the bank before deposit of the Earnest Money Deposit (EMD)}.
  2. The property/ies will be sold above the Reserve Price.
  3. The property can be inspected on the date and time as mentioned in the E-Auction Notice.
  4. Prospective bidders are advised to visit website https://baanknet.com/ and register yourself on the e­auction platform and further ensure having valid KYC documents like PAN Card & Aadhaar and Aadhaar linked with latest Mobile number and also register with Digi locker mandatorily. For bidding in the above e-auction from Baanknet.com portal (M/s PSB Alliance Pvt. Ltd), you may contact the helpdesk support of Baanknet (Contact details 7046612345/ 6354910172/ 8291220220/ 9892219848/ 8160205051, Email: [email protected] .
  5. The intending bidders shall deposit Earnest Money Deposit (EMD) being of 10% of the Reserve Price in E-Wallet of M/s PSB Alliance Private Limited (BAANKNET) portal directly or by generating the Challan therein to deposit the EMD through RTGS/NEFT in the account details as mentioned in the said challan" on or before the date and time as mentioned in the E-Auction Notice.
  6. Auction would commence at Reserve Price, as mentioned in the notice. Bidders shall improve their offers in multiplies of amount mentioned under the column "Increment Combo" (at least select 1). The bidder who submits the highest bid (above the Reserve price) on closure of 'Online' auction shall be declared as successful bidder. Even if there is only one bidder who has submitted EMD against particular property, the said bidder has to bid at least one increment above the Reserve Price in order to become successful H-1 bidder. The bidder who submits the highest bid on closure of e-Auction process shall be declared as Successful Bidder and a communication to that effect will be issued which shall be subject to approval by the Authorized Officer/Secured Creditor.
  7. The incremental amount/price during the time of each extension shall be Rs. 10,000/- and time shall be extended to Five minutes when valid bid received in last minutes.
  8. Sale shall be confirmed in favour of the successful bidder, subject to confirmation of the same by the secured creditor.
  9. The successful bidder shall deposit 25% of the sale price (inclusive of EMD already paid), immediately on same day and or not later than next working day and the balance 75% amount of sale price to be deposited within 15 days from the date of confirmation of sale by the secured creditor. If the successful bidder fails to pay the sale price within the period stated above, the deposit made by him shall be forfeited by the Authorized Officer without any notice and property shall forthwith be put up for sale again.
  10. The balance sale price (other than EMD amount) should be remitted by the successful bidder through RTGS/NEFT to Account No. 03810380000017 of ADARSH MAHILA MERCANTILE CO-OPERATIVE BANK LTD, IFSC Code HDFC0000381.
  11. All charges for conveyance, stamp duty and registration, GST etc., as applicable shall be borne by the successful bidder only.
  12. For sale proceeds above Rs. 50.00 Lakh (Rupees Fifty lakh), TDS shall be payable at the rate 1% of the Sale amount, which shall be payable separately by the Successful buyer. Wherever the GST applicable, same shall be paid by the Successful buyer as per Government guidelines.
  13. To the best of knowledge and information of the Authorized Officer, there is no encumbrance on property affecting the security interest. However, the intending bidders should make their own independent inquiries/ due diligence regarding the encumbrances, title of property put on auction and claims / rights / dues affecting the property, prior to submitting their bid. The E-Auction advertisement does not constitute and will not be deemed to constitute any commitment or any representation of the bank. The property is being sold with all the existing and future encumbrances whether known or unknown to the bank. The Authorized Officer / Secured Creditor shall not be responsible in any way for any third party claims / rights / dues.
  14. It shall be the responsibility of Bidder to make due diligence and physical verification of property and satisfy themselves about the property/ies specification before submitting the bid. No claim subsequent to submission of bid shall be entertained by the bank. The inspection of property put on auction will be permitted to interested bidders at site on the date and time as mentioned in the E-Auction Notice.
  15. Authorized officer reserves the right to postpone/cancel or vary the terms and conditions of auction without assigning any reason thereof.
  16. For further details contact the Authorised Officer, Adarsh Mahila Mercantile Co-operative Bank (Ph.No. 9690012433, 9690012432), E-mail ID: [email protected] may be contacted during office hours on any working day. The service provider Baanknet (M/s PSB Alliance Pvt. Ltd), (Contact No. 7046612345/ 6354910172/ 8291220220/ 9892219848/ 8160205051, Email: [email protected] ).
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