Conditions of Sale by Auction of Moveable Property
The particulars and conditions of sale of the moveable property belonging
to Mr. ... and described in the Schedule hereunder written to be put up for
sale by Public Auction on the -- day of -- at the hour of ... by the
Auctioneers at their office at ... at the instance of M/s ... under the powers
given to them by a Deed of Hypothecation executed by the said ... therein and
hereinafter referred to as the Borrower in favour of the said M/s ...
hereinafter referred to as 'The Lenders'
THE SCHEDULE OF MOVEABLE
PROPERTY All tangible moveable property, plant, fixed or otherwise. Machinery,
fittings, lying on the premises situate at ... or in the godowns of the
Borrower or lying In or upon the said premises of the Borrower which include
the following machinery articles and things. (List of machinery articles &
things The Intending Purchasers can take inspection of the aforesaid moveable
properties on ... between 11 a.m. and 4 p.m.
CONDITIONS OF SALE OF THE
MOVEABLE PROPERTY described in the above mentioned Schedule.
person shall at any bidding offer a less sum than what shall be fixed by
the Auctioneers or retract a bid.
highest bidder shall be the Purchaser, provided the Auctioneers shall consider
that a sufficient bid has been offered, and if any dispute arises as to the
last or highest bid, the property shall be put up again at the last undisputed
bid and resold.
Purchaser shall at the time of the sale pay to the Auctioneer the full amount
of the Purchase money either in cash or by Bank Draft; otherwise the property
shall forthwith be resold. Any deficiency of price which may arise on a re-sale
by reason of the Purchaser's default and all costs and expenses occasioned by
such re-sale shall be recoverable from the defaulting purchaser with interest
thereon at the rate of Rs. ... p. c. p.a. till payment or realisation.
payment of the Purchase money, the Purchaser shall at his own expense take such
steps as may he necessary for the purpose, of obtaining, delivery of the
property. The Purchaser shall purchase the said moveable property on 'as is
where is basis' without any guarantee or warranty as to the quality or
said moveable shall remain and be at the sole risk of the Purchaser in all
respects including loss of or damage by fire or theft or other accident and
other risk from the date the same are knocked down to the Purchaser. The
Purchaser shall not be entitled to annul the sale on any ground whatsoever.
intending Purchaser shall satisfy himself as to the identity and correctness of
the description of the property. If any error, misstatement or omission shall
appear to have been made in the particulars of the sale before giving the bid,
the Purchaser shall be deemed to have waived all such objections and all such
errors, misstatements, omissions shall not annul the sale nor it shall entitle
the Purchaser to be discharged from his Purchase nor shall any compensation be
allowed to the Purchaser in respect thereof.
Auctioneers shall as soon as possible, after the sale, proceed to certify the
result. The Purchaser shall at his own cost and expense remove immediately the
moveable property from the premises where the same is stored.
Deed of Hypothecation of tangible moveable property dated ... the Borrower in
consideration of the sum of Rs. ... having been lent and advanced by the said
M/s ... the Lenders to the Borrower the Borrower transferred, assigned and
assured by way of security in favour of the Lenders all the said assets of the
Borrower subject to the provision for redemption therein contained.
said Deed of Hypothecation, the Borrower covenanted to pay to the said Lenders
the principal interest and costs and expenses due by the Borrower to the
Lenders as stated in the said Deed of Hypothecation and it was agreed and
declared that in the event of the Borrower committing breach of the covenant
the Lenders will be entitled to sell the moveable property by public auction.
Borrower committed breaches of the terms of the said Deed of Hypothecation from
time to time and failed and neglected to repay the principal amount, together
with interest and costs, and the said Lenders have become entitled to sell the
property by auction. A sum of Rs. ... (inclusive of Interest) is due and
payable by the Borrower to the Lenders. The Lenders have now instructed the
Auctioneers to sell the said property by auction.
request of said M/s ... the Lenders the Auctioneers are now putting up the said
property for sale by public auction.
Dated this ... day of ... …, 2000.