These terms and conditions are levied on the company and are binding on the company itself and the other participating bidders and other individuals being a part of the E-Auction conducted by the company for numerous financial institutions in regards to the immovable properties. As such the company would not have any decision-making power in the entire process. The company’s only duties in the Auction will be limited to facilitating the communication between the Bidder and the Seller by providing cloud services for the Auction and ensuring that the Auction is conducted in a fair and professional, and reasonable manner using rational efforts.
Bidders could only apply or partake in the 'Make a bid' on the Seller's property by paying the participation fee before the Auction begins. This bid will no longer be valid after the Auction has begun, and hence the company will not accept it.
It is an obligation on the part of the Bidder to make a monetary deposit of the required amount which shall be disclosed by the company before the Auction begins. This deposit shall be towards the registration fee of the Bidder in order to participate in the Auction. Also, it should be made sure by the Bidder that the device on which he/she is operating should be compatible with the mode of the Auction.
In case the bidder who had earlier paid money for participating and had desired to buy a property withdraws owing to the circumstances then such participation fees will not be returned back to the bidder and the company shall retain the money.
In an instance where the bidder is offered a property by the seller and the price is similar to what the bidder had quoted, and thereafter if the bidder does not buy the property, again the money shall be retained by the company and will not be returned back to the bidder.
Bidders could only apply or partake in the 'Make a bid' on the Seller's property by paying the participation fee before the Auction begins. This bid will no longer be valid after the Auction has begun, and hence the company will not accept it.
Where the bidder would fail to buy a property, his participating fee shall be returned back in full within a time span of 15 days from the consummation of the auction. In case, the bidder did not receive the reimbursed amount within the said 15 days, then he should contact the company with the receipt of the fees being paid in the first place.
In case of a successful bidder where he is able to buy the desired property, the company will refund the participating/registration fee duly paid by the bidder only after the bidder has made the partial or full payment as per the payment plan decided by the seller. Once the seller provides the company receipt for the money being paid by the bidder, the registration fees shall be reimbursed.
In cases where the successful bidder refuses to pay for the property in full or partial and denies the purchase of such property, the company shall not refund the participating fee to the bidder. And in such a circumstance, it is the right of the seller to approach the second-highest bidder in order to sell off the property.
A bidder shall be excluded from being a part of the auction in case he/she wishes to withdraw from the auction and demands a refund of the participating fees.
During the conduct of the auction, a bidder who provides false and misleading information about himself or, misuses the platform for instance, by submitting a bid under a false name or, transfers trojan viruses on the auction platform or, spams the email of the company, shall be barred from participating in the auction and his access id and password shall be blocked by the company.
As sought by the company, the bidder shall be bound to provide all necessary details that could be used for the generation of his profile on the auction platform.
The bidder is not allowed to share his access details that is, the id and the password with anyone else apart from the few specific people decided by the bidder and the company together.
The company will not be responsible in case the User ID and the password are leaked as long as such misuse is not reported to the company.
Only if the company agrees and considers it right to provide them access to a bidder beforehand for a limited time in order to understand the technicality, then only such access will be provided and not otherwise.
The time period within which bids can be put forth by the bidders for buying the immovable property is decided by the seller.
The bids are to be submitted only in the form of Indian National Rupees(1nr).
The bidders are allowed the make a bid only within the time span specified by the company on its website. The company will not accept the bids which are made after the set time limit.
Such a time span of bidding can be relaxed or extended only if the bidder requests the seller in writing and thereafter the seller agrees to do so. The company would not have a say in it.
If any changes occur in the rules and regulations set by the company for the auction, it shall be duly notified to the other bidders.
Where a bidder submits a lower bid subsequent to the submission of a higher bid, all within the time frame, then the previous lower bid will become invalid automatically.
The auction will be monitored from time to time by the company. If the company would have any doubt or would suspect anything wrong in a bid, it has the right to not accept the bid and there shall be no interruption in the auction in the meantime. In such a case, the bidder shall be informed immediately about the deletion of his bid.
The result of the auction shall be declared and sent to all the participating bidders within a time frame that will be decided by the company and no one else.
The bidder is liable to incur all the costs in the process of the auction.
A Bidder's involvement in an Auction is entirely his or her own duty and risk and responsibility. The company disclaims all responsibility for any damage resulting from involvement in the Auction, including but not limited to service disruption, loss of benefit, loss of information and data, and consequential harm caused by any defect.
The company is therefore not responsible for any harm caused by the use, failure to use, or errors in the hardware or software of the Auction platform, regardless of the legal basis.
The company’s liability for incorrect data transmission, data manipulation by a third party, especially by unauthorized access to the company’s networks and systems, or data non-transmission is excluded.
By participating in the auction, the bidder agrees that the company shall not be held responsible and liable for paying damages in any case of consequential difficulties faced by the bidder in relation to the use of the service and platform for the auction.
It is being clarified that the process of this auction subject to the laws of India and any dispute arising in the process shall be brought up before the High Court of Delhi.
There is no agency or franchisee relationship between the company and the bidder and the seller.
This privacy policy deals with the company’s collection, use, disclosure, and transfer of your information. The Company operates various websites, including sub-sites, platforms, applications, m-web platforms, and other platforms. This Policy is an integral part of the Site's Terms of Service and other terms. This policy takes effect on the date and time a user interacts with the Site and accepts the Site's terms and conditions. The company respects the privacy of its users and ensures that the data which has been revealed to the company for any purpose shall not be disclosed or leaked and shall be protected whatever the case may be.
If you're using the Website or Platforms (or any of its subsites), we make a sincere effort and provide you with accessibility to your confidential information if and when you demand it, and we also make every attempt to ensure that any sensitive data or sensitive personal information or details found to be incorrect or defective is updated or changed as soon as possible, pursuant to any legal requirements for such personal information.
Where we provide information access and clarification, we do so without charge, unless doing so would necessitate a significant amount of effort. Because of the way we conduct those services, leftover copies of your information can take some time to be removed from our computer hardware and may persist to remain in our backup power even after you remove your information.
To avoid the destruction, misuse, and modification of the details under our supervision, we employ commercially successful protection measures. But that does not ensure the security of the user information and the information might still get leaked even if the company takes all necessary steps to protect it. Any grievances, harassment, or concerns about the use, processing, or disclosure of information given by you, or a violation of these terms, should be immediately reported to the appointed Grievance Officers, whose names are provided in the Terms of Use in writing or by email signed with an electronic signature.