Auction
girish parmar
(Querist) 03 December 2013
This query is : Resolved
Whether a Borrower - Defaulter (Judgement Debtor) can himself purchase his property in the Public Auction being Conducted by the Lender Bank?
R.K Nanda
(Expert) 04 December 2013
state real facts.
malipeddi jaggarao
(Expert) 05 December 2013
Academic query.
However,l I choose to reply -
The Judgement Debtor can pay the entire liability and file a satisfaction memo with a request for direction to the lendor banker to stop auction.
prabhakar singh
(Expert) 05 December 2013
To me query is quite confusing for want of proper facts.
It is not clear under which statute and rules the auction is going on.
Is bank proceeding under SARFACIA against a defaulter or in execution of a decree of civil court or that of a TRIBUNAL?
SARFACIA and rules are self contained.
In Execution of a civil court decree Rules under order 21 would apply.
In Execution of a TRIBUNAL's decree Rules framed under Income Tax Act for realization
of arrears of income tax applies.
Since it is academic query author is advised to look into his facts and then check the law accordingly.
Unless specially barred by law a JD also has right to participate in a public auction to bid(because a JD is not clothed with incapacity to contract to which an insolvent is) as per rules of reserved price and highest bidding.
