I participated in an e-auction for a property with Bank of India, and I was the highest bidder. I deposited 25% of the bidding amount, but then the bank informed me that the borrower filed a case in the Debt Recovery Tribunal (DRT) in Visakhapatnam. The court has stopped the sale but allowed the auction to continue. It’s been almost three months, and there’s no progress. Can you please advise me on how to get my money back?

Apni Law
Apni Law
Law Forum › Category: Consumer Court › I participated in an e-auction for a property with Bank of India, and I was the highest bidder. I deposited 25% of the bidding amount, but then the bank informed me that the borrower filed a case in the Debt Recovery Tribunal (DRT) in Visakhapatnam. The court has stopped the sale but allowed the auction to continue. It’s been almost three months, and there’s no progress. Can you please advise me on how to get my money back?
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Apni Law Staff asked 2 months ago

I participated in an e-auction for a property with Bank of India, and I was the highest bidder. I deposited 25% of the bidding amount, but then the bank informed me that the borrower filed a case in the Debt Recovery Tribunal (DRT) in Visakhapatnam. The court has stopped the sale but allowed the auction to continue. It’s been almost three months, and there’s no progress. Can you please advise me on how to get my money back?

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Apni Law Staff answered 2 months ago

Under Indian law, you have the right to seek a refund of the 25% deposit if the sale is not finalized due to legal proceedings. You can file an application with the Debt Recovery Tribunal (DRT) in Visakhapatnam, citing the court order stopping the sale, the inaction, and requesting a refund.

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