Legal Question in Credit and Debt Law in India

04.08.2013

Dear Sir / Madam,

If the auction is towards recovery of dues, you should plead before the Judge to fix the "minimum bid amount" in such a manner to ensure that you receive the surplus proceeds of the auction. For example, if the outstanding dues of the concerned bank or financial institution are Rs. 1.50 crores, and the prevailing market price of the property in your locality is say Rs. 3.00 crores, you should inform the Court that the "minimum bid amount" for the auction should be Rs. 2.50 crores, such that you are assured of Rs. 1.00 crore without any hassles.

Regards,