Legal Question in Banking Law in India

if u buy a property from a bank in auction and you dont make payment on time as per condition of tender the expiry date is over and the bank is still acepting your payment,and suddenly stops taking payment and forfeits the,part amount paid by you,can they do it


Asked on 12/11/10, 12:21 pm

1 Answer from Attorneys
J. Radhakrishnan independent Practice

any extension of time for payment of the balance of auction amount has to be in writing. If it is not, the Bank is entitled to forfeit the deposit already made, if there is default in payment of the balance amount.

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Answered on 12/12/10, 2:49 am


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