Bank returned my auction sale deposits without interstate after 1 month
8 months ago
I had participated a DRT auction and had paid my full amount of the sale letter to the bank as mentioned. Now due to some miscommunication issues with Bank and DRT officer , the DRT had cancelled the sale citing no intimation and bank is now returning my investment but are not paying me interest as well as compensation for holding my money for 1 month even after knowing the sale got cancelled by DRT
A.Dear Client,
In the absence of any specific stipulation in the sale letter specifying that on cancellation of the auction sale by DRT, the Bank will return/refund the bid money with interest to the Auction Bidder/Purchaser within the specified period and failing which Bank shall pay interest for delay in processing the refundable bid money to the Bidder, your claim for interest on the bid money deposited by you against auction sale that refunded after a month by the Bank without interest is not maintainable. You may however escalate your grievance before the Bank claiming interest on the delayed refund of the deposited money on the grounds of delay that amounted to deficiency in service.
In the absence of any specific stipulation in the sale letter specifying that on cancellation of the auction sale by DRT, the Bank will return/refund the bid money with interest to the Auction Bidder/Purchaser within the specified period and failing which Bank shall pay interest for delay in processing the refundable bid money to the Bidder, your claim for interest on the bid money deposited by you against auction sale that refunded after a month by the Bank without interest is not maintainable. You may however escalate your grievance before the Bank claiming interest on the delayed refund of the deposited money on the grounds of delay that amounted to deficiency in service.
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