Auction of assets by Debts Recovery Tribunals ( DRT ), Banks, Financial Institutions, Official Liquidator, and State Financial Corporations has always been a subject matter of great interest to auction purchasers. While there is definately a good charnce of getting prime properties at a reasonable price, there is an equal chance of an unwary auction purchaser getting stuck in a very costly, never ending legal quagmire. One of the areas that an auction pruchaser must look for is the proclamation for auction of assets by Bank. Some of the key areas of concern are as under : -

1. What is proclamation for the auction of assets by Bank?
   
   
2. What are the contents of a proclamation for the auction of assets by Bank?
   
   
3. Will the proclamation for the auction of assets by Bank also indicate the value of the property?
   
   
4. The proclamation for the auction of assets by Bank does not indicate any other charges on the property. Does it mean that the property is free from all other encumbrances?
   
   
5. The proclamation for the auction of assets by Bank did not indicate any other charges. However after the auction process it was found that the asset had other encumbrances. What is the recourse available to the auction purchaser?
   
   
6. Whose property is described in the proclamation for the auction of assets by Bank ?
   
   
7. How is the property described in the proclamation for the auction of assets by Bank?
   
   
8. Even though the property is a single unit, the proclamation for the auction of assets by Bank shows it in small lots. Is there any significance to this?
   
   
9. What is the time gap between the issue of proclamation for the auction of assets by Bank and conduct of auction? Can the auction officer reduce the time gap?
   
   
10. What is the effect of drawing up of an proclamation for the auction of assets by Bank?
    
    
11. What happens if the terms & conditions mentioned in the proclamation for the auction of assets by Bank are not adhered to?
    
    
12. Who draws the proclamation for the auction of assets by Bank?
    
    
13. Can the auction officer vary the terms and conditions for the auction of assets by Bank?
    
    
14. Is there any difference between the proclamation for the auction of assets by Bank drawn up by an Authorized Officer of a Bank and Recovery Officer of a Debts Recovery Tribunal?
    
    
15. What if the owner of the property does not agree with the proclamation for the auction of assets by Bank drawn up by the Authorized Officer/ Recovery Officer? Will it effect the auction process and how should the auction participant react to it?
    
    
16. How is the proclamation for the auction of assets by Bank to be advertised?
    
    
17. Can the auction purchaser seek to set aside the auction on the ground that situation on the ground is different from what was given in the proclamation?
    
    
18. What is the significance of an advertisement for the auction of assets by Bank and how is the auction purchaser bothered with its publication?
    
    
19. How is the proclamation for the auction of assets by Bank advertised?
    
    
20. Is it mandatory that the proclamation for the auction of assets by Bank should be advertised in two news papers?
    
    
21. What is the objective of the Proclamation for the auction of assets by Bank being published?
    
    
22. Can the owner request that there is no need to advertise the proclamation for the auction of assets by Bank?
    
    
23. What is the implication if the proclamation for the auction of assets by Bank is not advertised properly?
    
    
24. Who has to ensure that the proclamation for the auction of assets by Bank has been properly advertised?
    
    
25. Would any defect in the advertisement of proclamation for the auction of assets by Bank of sale affect the auction sale?
    
    
26. What should a bidder look for in an proclamation for the auction of assets by Bank so that he do not suffer any consequences of improper proclamation?