Auction proceeding

Bhushan V. Kale (Querist) 22 February 2011 This query is : Resolved
Hon'ble Court please to put an agricultural land for auction. The auction to be conducted in 3 bids. All the 3 bids were to be held on different dates. There were no bidders present for the 1st and 2nd bid.

Whether the 3rd bid to be conducted? or entire bidding process to be initiated from beginning.

Please site some rulings.

Follow Query

Report Abuse

s.subramanian (Expert) 23 February 2011
No. The proceudre is wrong. Each and every bid wil have a different value. If the proiceeds by the auction of 1st bid is sufficient for the dues,the 2nd and 3rd bid cannot and should not be auctioned. If the auction of the 2nd bid is required,then only it can be auctioned. Therefore if the value of the 3rd bid is larger than the 1 and 2,then it cannot be auctioned before the 1 and 2.

M V Gupta (Expert) 23 February 2011
As the first two bids could not take place due to absence of bidders, the third bid will take place as per schedule. In case there are no bidders for the third bid also,or if the amount obtained in the third bid is not sufficient to meet the decreetal amount, then the whole process may have to take place once again with better advertisement of the aucitons.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now