higher than the reserve. That the reserve puts a limit on the authority of the auctioneer. He cannot accept a price below the upset/reserve ... property and upset price are not synonymous but have different meanings. That the term upset price means lowest selling price or reserve price. That unfortunately
meantime took steps to auction the property by fixing the reserve price at Rs.3,10,00,000/-. Though the successful bidder offered ... than the reserve price. It was further contended that in the event of not getting the price higher than the reserve price, the consent
reserve price was
as $55 lakhs. However, as per the terms and
V; 'T5
.5...»
conditions, the intending béddere wotstd have to deposit
earnest ... money (EMS) of $55,000/w being 10% ofthe
reserve price.
3. The sate ootice is Questioned oer.-thee'
that the reserve price fixed
question was held by appellant Bank on 04/06/2010 keeping reserve price of the immovable property as Rs.7.75 Crores. It has come ... exercise of its powers under Rules, 2002 inter-alia that reserve price for auction of immovable secured assets was based on their valuation made
price. The second proviso to Rule 9(2) further
provides that if the authorised officer fails to obtain a price higher than the
reserve price ... same as the reserve price, it cannot be said that the Authorised
Officer has obtained a price higher than the reserve price. A combined reading
dated 11th January
2011 by which it informed the petitioners that reserved price of the
mortgaged premises is Rs.99 lakhs. Respondent no.3 also ... approved valuer and in consultation with the
secured creditor, fix the reserve price of the property and may sell
the whole or any part
held on 8th July, 2004. Such notice
did not specify the reserved price for holding the auction of the plot in question ... when reserve price is disclosed, the bidders often form cartels
and bid at or ground the disclosed price, though the market price is much higher
question. The notice inviting
the tenders specifically stipulated that the reserve price was 14.62
crores, below which "the property will not be sold ... public auction, the First Respondent once again
stipulated a reserve price of Rs.14.62 crores below which, it was
stated, the property would
highest bid of the petitioner was
much below the reserve price. Such decision was allegedly conveyed
to the petitioner on 22.01.1987. It was also stated ... dated 29.12.1981 (Annexure R-3),
wherein the manner of fixation of reserve price of rural evacuee land
and urban evacuee property was communicated
competent authority. Admittedly, the land was sold less
than the reserved price. It was so noted by the Tehsildar Sales in his note
dated ... Chief Settlement Commissioner
office on 27.1.1986. Highest bid is much below reserve price.
Resale may be allowed.
Sd/-
Tehsildar (Sales) Rohtak
1.1.87"
The said
