Section 45(2) in Jammu and Kashmir Co-operative Societies Rules, 2001
(2)Any encumbrance to which the property is liable;(iii)The amount of recovery for which the sale is ordered; and(iv)Other matters which the sale officer considers essential for a purchase to know in order to judge the nature and value of the property.(d)When immovable property is sold under these rules the sale shall be subject to the prior encumbrance on the property, if any. The decree holder shall, when the amount for realization of which the sale is held exceeds Rs. 100/- furnish to the sale officer within such time as may be fixed by him encumbrances certificate from the Registration Department for a period of not less than twelve years prior to the date of attachment of the property sought to be sold. The time for production of encumbrance certificate may be. The sale shall be by public auction to the highest bidder, provided that it shall be open to the sale officer to decline to accept the highest bid where the price offered appears to be unduly low or for other reasons to be recorded in writing. The sale officer may in his discretion, adjourn the sale to another specified day and hour by recording his reasons for such adjournment. Where the sale is adjourned for a longer period than 7 days, a fresh proclamation under clause (e) shall be made. The sale shall be held after expiry of not less than fifteen days calculated from the date on which notice of the proclamation was affixed in the office of the sale officer. The time and place on sale shall be at the place where the property to be sold is located.(e)A sum of money equal to 25 percent of the price of the immovable property shall be deposited by the purchaser in the hands of the sale officer at the time of the acceptance of bid and in default of such deposit the property shall forthwith be resold:Provided that were the decree holder is the purchaser and is entitled to set off the purchase money under clause (h) the sale officer shall dispense with the requirement of this rule.(f)The remainder of the purchase money and the amount required for the stamp duty for the sale certificate shall be paid within 15 days from the date of sale.(g)In default of payment within the period mentioned in the preceding clause the deposit made by the highest bidder including other expenses, if any, shall be forfeited to the decree holder and the defaulting purchaser shall forfeit all claims to the property, or to any part of the deposit sum for which it may subsequently be sold.(h)Every resale of immovable property in default of payment of the amount mentioned in clause (h) within the period allowed for such payment shall be made after issuing a fresh proclamation in the manner prescribed for conducting the sale.(i)Where a decree holder purchases the property the purchase money and the amount due on the decree shall be set off against one another to the satisfaction of the sale officer.(j)Where prior to the date fixed for a sale, the defaulter or any person acting on his behalf or any person claiming an interest in the property to be sold tenders payment of the full amount together with interest, and other expenses incurred in bringing the property to sale, including the expenses of attachment if any, the sale officer shall forthwith release the property after cancelling the order of attachment.
