Mandatory use of Baanknet auction platform for liquidation auctions; bidders must submit eligibility declaration and deposit EMD electronically. The circular mandates exclusive use of the Baanknet auction platform for liquidation auctions with notices issued on or after 1st April 2025, requires listing of unsold assets by 31st March 2025, and directs that auction notices must require bidders to submit requisite documents and a declaration of eligibility under Section 29A and deposit EMD through the platform, specifying EMD forfeiture if a bidder is ineligible; pre auction due diligence by liquidators has been dispensed and platform submissions will serve the eligibility mechanism.
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.
Mandatory use of Baanknet auction platform for liquidation auctions; bidders must submit eligibility declaration and deposit EMD electronically.
The circular mandates exclusive use of the Baanknet auction platform for liquidation auctions with notices issued on or after 1st April 2025, requires listing of unsold assets by 31st March 2025, and directs that auction notices must require bidders to submit requisite documents and a declaration of eligibility under Section 29A and deposit EMD through the platform, specifying EMD forfeiture if a bidder is ineligible; pre auction due diligence by liquidators has been dispensed and platform submissions will serve the eligibility mechanism.
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