Section 6 in The Security Interest (Enforcement) Rules, 2002
6. Sale of movable secured assets.
(1)The authorized officer may sell the movable secured assets taken possession under sub-rule (1) of rule 4 in one or more lots by adopting any of the following methods to secure maximum sale price for the assets, to be so sold-(a)obtaining quotations from parties dealing in the secured assets or otherwise interested in buying such assets; or(b)inviting tenders from the public; or(c)[ holding public auction including through e-auction mode; or] [Substituted by Notification No. G.S.R. 1046 (E), dated 3.11.2016 (w.e.f. 20.9.2002).](d)by private treaty.(2)The authorized officer shall serve to the borrower a notice of thirty days for sale of the movable secured assets, under sub-rule (1):[Provided that if the sale of such secured assets is being effected by either inviting tenders from the public or by holding public auction, the secured creditor shall cause a public notice in the Form given in Appendix II-A to be published in two leading news papers, including one in vernacular language having wide circulation in the locality.] [Substituted by Notification No. G.S.R. 1040(E), dated 17.10.2018 (w.e.f. 20.9.2002).][Provided further that if sale of movable property by any one of the methods specified under sub-rule (1) fails and the sale is required to be conducted again, the authorised officer shall serve, affix and publish notice of sale of not less than fifteen days to the borrower for any subsequent sale.] [Inserted by Notification No. G.S.R. 1046 (E), dated 3.11.2016 (w.e.f. 20.9.2002).](3)Sale by any methods other than public auction or public tender, shall be on such terms as may be settled [between the secured creditors and the proposed purchaser] [Substituted 'between the parties in writing' by Notification No. G.S.R. 1046 (E), dated 3.11.2016 (w.e.f. 20.9.2002).].(4)[ The authorisedofficer shall upload the detailed terms and conditions of the sale of the movable secured assets on the web-site of the secured creditor, which shall include,(a)details about the borrower and the secured creditor;(b)complete description of movable secured assets to be sold with identification marks or numbers, if any, on them;(c)reserve price of the movable secured assets , if any, and the time and manner of payment;(d)time and place of public auction or the time after which sale by any other mode shall be completed;(e)deposit of earnest money as may be stipulated by the secured creditor;(f)any other terms or conditions which the authorised officer considers it necessary for a purchaser to know the nature and value of movable secured assets.]
