auction- bidding act

no there is no special act governing ur quarry. in India

In Tamilnadu you have the THE TAMIL NADU TRANSPARENCY IN TENDERS ACT, 1998. I have attached the same here.  

thank you sirs for your learned opinion.

Are there any govt guidelines or any other infor on how it is carried out?

regards

Dear Abhijit,

there is no specific guidelines as such. thre are few state laws like that in tamilnadu. however the same further depends under what circumstances the same is being done. i.e. whether it is a court/tribunal auction for recovery or it is being done a Bank or financial institution. Please specify the type in order to enable the members to give exact solution.

The present auction is by bank . What is the procedure/ guidelines?

what is the procedure for auctions by court?

thanks

well if  I am not wrong then the Bank is conducting auction to recover its dues for the NPA account. if so, then the auction procedure is governed by the SARFAESI Act and the security enforcement rules. in case of court auctions the same is as per the established norms of every court based upon fair principles... or if aby specific law (like the SARFAESI) provides the manner then as per that particular law.

thanks mr virender. it serves th purpose. thatnks onc again.