Section 10(3) in Chhattisgarh Vishesh Kshetra (Achal Sampatti ka Vyayan) Niyam, 2008
(3)Auction shall be subject to the following conditions, in addition to any other conditions which the Authority may deem fit -(i)Amount of Security deposit which the Authority may fix, but such amount shall not be less than Five percent of the reserved premium of the immovable property, will essentially be deposited in cash or by bank draft, by every person who intends to participate, within the date and time fixed, otherwise he will not be eligible to take part in the auction.(ii)Bid of the auction shall commence from more than the reserved premium or upset premium fixed by the Authority for the purpose of auction only. The Chief Executive Officer, after recording reasons in writing, may cancel the auction at any stage. If he finds that no fair bid is forthcoming, he may postpone the auction for any future date to be declared later.(iii)When any property is put to auction, the highest bid shall be taken as fit for consideration for acceptance. If in the opinion of the Chief Executive Officer the highest bid is not satisfactory or is less than the reserved premium, the Chief Executive Officer may reject the bid and order for fresh auction, which shall be held on any future date to be declared later :Provided that instead of fresh auction, the Chief Executive officer with the prior approval of the Authority, may call the highest bidder or all the bidders for negotiation, on the place, the date and time fixed therefor, after written intimation. Sealed proposals may be obtained after negotiation and shall be opened, in the presence of the participants who wish to remain present:Provided that the negotiation shall be called with an objective to derive common conditions and/or for enhancement of highest bid only.(iv)The competent Authority shall not be bound to accept the highest bid.(v)When the highest bid is accepted for consideration of acceptance by the Chief Executive Officer, the bidder shall forthwith deposit Thirty percent of the bid amount as advance deposit and the security deposit of other bidders shall be refunded. On acceptance of the highest bid by the Authority, the highest bidder shall deposit in the office of the Authority the balance amount in cash or by bank draft within Thirty days from the date of intimation of acceptance. If such amount is not deposited within the stipulated period, the amount of security advance deposited by the highest bidder shall be forfeited.
