Legal Question in Banking Law in
i had taken loan from bank by maurgadging my house. But due to unforseen circumstance failed to pay loan. with bank under SURFACIE act took symbolic possession of house and also auction publication done by bank. only single bid with came and deposited about 25% of total resurve cast in bank as token of purchase house. IS SINGLE BID LEGAL and can my house be handed over on single bid [2] even after bid amount deposited with bank i deposited about 28% loan repayment to bank then will bank go for fresh bid?
1 Answer from Attorneys
Even a single bid if it is above the reserve price, can be accepted by the Bank. If balance amount is not deposited by the auction purchaser, the bank will advertise for fresh auction. Better patch up with the bank and pay the dues before confirmation of the sale.
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