Section 12(5) in The M.P. Krishi Upaj Mandi (Allotment of Land and Structure of Market Committee/board) Rules, 2005
(5)After close of auction, the person, firm, institution, agency etc. making highest bid shall deposit 10 percent amount of the auction bid within one week of the auction. On the final acceptance by Market Committee, which will be informed within 10 days of its meeting, payment of balance amount shall be made within thirty days from the date of receipt of information to the Market Committee. If he does not deposit 10 percent of auction bid amount within a week or does not make payment of balance amount within prescribed period, the Market Committee may cancel the auction and may put it for re-auction, and the amount deposited on account of auction shall be forfeited by the Market Committee.
