Disposal of immovable property under Chapter XXC: auctions, sealed tenders, and direct negotiation procedures govern sale and payment terms. Properties purchased under Chapter XXC must be offered by open public auction within three months; if unsold after three auctions they shall be offered by sealed tenders, and if still unsold may be disposed of by direct negotiations limited to public sector undertakings and government departments starting at market value and not below the fixed reserve price. A tiered payment schedule and bank payment requirements apply; defaults lead to forfeiture and re-sale with recovery of any deficiency. Purchasers bear conveyance costs and outstanding dues, and standard auction and tender terms and procedural safeguards are prescribed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Disposal of immovable property under Chapter XXC: auctions, sealed tenders, and direct negotiation procedures govern sale and payment terms.
Properties purchased under Chapter XXC must be offered by open public auction within three months; if unsold after three auctions they shall be offered by sealed tenders, and if still unsold may be disposed of by direct negotiations limited to public sector undertakings and government departments starting at market value and not below the fixed reserve price. A tiered payment schedule and bank payment requirements apply; defaults lead to forfeiture and re-sale with recovery of any deficiency. Purchasers bear conveyance costs and outstanding dues, and standard auction and tender terms and procedural safeguards are prescribed.
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