Section 33 in The U.P. Sahkari Gram Vikas Banks Rules, 1971
33. [ [Substituted by Notification No.232-C(IFC) /XII-C-I-Bh.-80,74, dated 29-6-1977, Published in U.P. Gazette, Part 1-Ka, dated 10th September, 1977.]
(1)The highest bidder whose bid may be accepted, shall deposit 25% of the auction money at the spot with the Sale Officer immediately after the fall of the hammer and announcement of the acceptance of the bid, while the rest of the amount shall be deposited by the bidder with concerned branch of the bank in cash or through Bank Draft within fifteen days from the date of conclusion of the auction.(2)Where the highest bidder fails to pay the amount of 25 per cent of the auction money, he shall have no right to the property or any sum paid by him as part payment of the auction money and the Sale Officer shall have right to accept the second highest bid provided that the amount of the second highest bid provided that the amount of the second highest bid is not less than 95 per cent of the highest bid or lesser than the amount claimed by the Bank including expenses incurred. Such second highest bidder whose bid maybe accepted shall deposit 25 per cent of auction money at the spot with the Sale Officer immediately after announcement of the acceptance of his bid, while rest of the amount shall be deposited by the bidder with concerned branch of Bank in cash or through Bank Draft within fifteen days from the date of conclusion of the auction.(3)On the request in writing of the purchaser, the Board may extend the period of deposit of the balance amount of 75 per cent mentioned in sub-rules (1) and (2) by 7 days if it is satisfied that due to unavoidable reasons the purchaser could not deposit it in time.(4)Where the second highest bidder also fails to pay the amount of 25 per cent of the auction money he shall have no right to the property or any sum paid by him as part payment of the auction money.(5)Where the highest bidder fails to pay the amount of 25 per cent of the auction money and the second highest bid is not accepted or, where the second highest bid is accepted under sub- rule (2) and the second highest bidder fails to pay the amount of 25 per cent of the auction money the property shall be re- auctioned.]
