Extension of time to bidder for final settlement

Yes, there is an instance where the Bank has extended the said time by another 7 days for an outstation bidder.

The Security Interest (Enforcement) Rules ,2002.

9(3).         On every sale of immovable property, the purchaser shall immediately pay a deposit of twenty five percent of the amount of the sale price,to the authorized officer conducting the sale and in default of such deposit, the property shall forthwith be sold again.

9(4)         The balance amount of purchase price payable shall be paid by the purchaser to the authorized officer on or before the fifteenth day of confirmation of sale of the immovable property or such extended period as may be agreed upon in writing between the parties.

9(5).         In default of payment within the period mentioned in sub-rule (4), the deposit shall be forfeited and the property shall be resold and the defaulting purchaser shall forfeit all claim to the property or to any part of the sum for which it may be subsequently sold.

In case of default by the highest bidder, the entire powers of sale by public auction has to be done forthwith . .