AuctionSale of properties at 10-30 % if sale value

Dear Client,
You can apply to the Bank seeking an extension of time to deposit 25% of the auction price explaining your constraints to deposit the amount by the date offered by the Bank which depends upon the sole discretion of the Bank. Since the date of the auction of the property is already notified by the Bank, rescheduling of date of the auction may be a difficult task so far the claim or objection from other bidders who already deposited the earnest money against the auction price of the property before the notified date of auction. Sub-section (3A) of Section 13 of SARFAESI Act was introduced by way of an amendment in the year 2004 whereby the borrower is allowed to make representation or raise an objection to the notice issued under sub-Section (2) of Sec.13. A further duty is imposed on the creditor to consider such representation/objection and if the creditor concludes that such representation or objection is meritless, he shall communicate within fifteen days of receipt of such representation or objection the reasons for non-acceptance of the representation or objection to the borrower. The Delhi High Court observed in the judgment of the Supreme Court passed in ITC Limited v. Blue Coast Hotels Ltd. & Ors.: 2018 that the intention of the Legislature in introducing sub-section (3A) is to ensure that objection/representation of a borrower against any action for enforcement of security interest is considered before a creditor proceeds to take possession of the secured assets in terms of Section 13(4) of the SARFAESI Act. Further, a quick counseling session with a certified credit counselor can help you discover your options and choose the right path to resolve or settle the matter with the Bank.

Dear Sir,
if you have no funds then arrange for any of your friend to participate in the public auction and purchase the property. normally the bank people collude with other parties and sell the properties at cheaper rates.

Dear Client,

It seems that you are in a difficult situation regarding the auction of your mortgaged properties by the bank, and you need an extension of time for the One-Time Settlement (OTS). Here’s how you can approach the situation to request additional time from the bank:

Draft a formal letter to the bank explaining your situation and requesting an extension of 20 days to deposit the 25% amount.
Highlight any valid reasons that have caused the delay and assure them of your intent to make the payment.

Mention your efforts to resolve the matter, such as the fact that the bank agreed to OTS.
Express your commitment to resolving the outstanding loan and avoid the auction of the property.

Provide a timeline for when you can arrange the 25% payment and request flexibility. If possible, show proof or a plan indicating how you will manage the required funds in the next 20 days.

Personally meet with or call the concerned bank officers to plead your case.

Regards