Public Auction Sale Process

Independent Assessor

Sworn Auctioneer

• Prepare advertisement to be published twice in 2 daily newspapers published and circulated not less than 7 days.
• Bidding shall be made viva voce (orally) in an audible tone
• Inspection/viewing of seized asset and submission of Bids

Sale of Asset

• Sworn Auctioneer Shall Offer the movable asset as per the reserve price
• Movable asset shall be sold to the highest bidder as is, in its current state

Closing of Auction Sale

• The accepted Bidder pays for the movable asset immediately after the closing of the auction sale
• The movable asset shall be removed of accordingly by the bidder