Section 6 in The M.P. Municipal Corporation (Transfer of Immovable Property) Rules, 1994
6.
The auction sale or the offer, as the case may be, in addition to other conditions which the Corporation may think fit to impose shall be subject to the following conditions :-(1)An amount being security deposit, as may be determined by the Corporation, subject to the condition that such amount shall not be less than twenty five per cent of the estimated price of the immovable property, shall necessarily be deposited in cash or through bank draft by bidders or the officers, as the case may be, before participating in the auction or tendering sealed offers, otherwise no person shall be entitled to take part in the auction sale and similarly the offers received without the said security deposit shall not be entertained.(2)The highest bid/offer shall be subject to the acceptance by the authority specified in Section 80.(3)The authorities referred to in condition (2) above shall not be bound to accept the highest bid/offer.(4)The highest bidder/offerer shall deposit cent percent, amount of the bid/offer, within 30 days from the date of receipt of the notice to the effect that his bid/offer has been accepted by the authority referred to in condition (2) above, provided that the amount of security deposit shall be adjusted in the said amount. If such amount is not deposited within the specified period, the amount of security deposit shall be forfeited.(5)Except the amount of security deposit of first two highest bidders/offerers, the security deposit of all the remaining bidder offerers shall he refunded immediately after the auction is over or the offers are accepted, as the case may be.(6)As soon as the full amount of auction/offer is deposited by the highest bidder or the offer the security deposit of the remaining one bidder/offerer shall be refunded.(7)In case the highest bidder/offerer, whose bid/offer has been accepted, does not deposit the amount of auction/offer within the time prescribed, the authority referred to in condition (2) above may accept the second highest bid/offer, and on intimation if such bidder/offerer also does not deposit the amount of auction/offer within the prescribed time, the security deposit of such second highest bidder/offerer shall also be forfeited.(8)If the Authority referred in condition (2) is of the opinion that instead of accepting the second highest bid/offer re-auction or re-inviting the offers is necessary, the security deposit of such second highest bidder or offerer shall be refunded and auction to re-auction or re-inviting the sealed offers shall be taken.
