SARFAESI Statutory Disclaimer & Legal Tenets
Essential disclosure under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
Core Principle: "As Is Where Is & Whatever There Is"
All distressed bank auction properties published on this platform are auctioned by respective statutory secured creditors on an "AS IS WHERE IS", "AS IS WHAT IS", and "WHATEVER THERE IS" basis, without any recourse to the bank or this platform.
1. Independent Nature of Aggregation
NCR Auction Portal is a technology software portal aggregating publicly accessible gazette notices, e-tender publications, and DRT announcements. We are not an authorised representative, agent, branch, or subsidiary of the selling public/private sector banks, State Bank of India, Punjab National Bank, Bank of Baroda, or any financial institution.
2. Bank's Unilateral Right of Postponement or Cancellation
Under Section 13(8) of the SARFAESI Act, borrowers retain the statutory right of redemption prior to the publication of the auction notice or before the tender execution upon clearing outstanding dues. Consequently:
- Authorised Officers retain absolute discretion to postpone, adjourn, cancel, or modify tender terms, Reserve Prices, or bidding dates at any stage without prior intimation.
- In the event of cancellation or postponement by the bank, tenderers must claim refund of their Earnest Money Deposit directly from the designated nodal bank or auction service provider.
3. Encumbrances, Arrears, and Third-Party Dues
Prospective bidders are advised in their own interest to make independent inquiries regarding:
- Outstanding municipal property taxes, development authority dues (NOIDA, YEIDA, DDA, HUDA), and electricity/water utility arrears.
- Society maintenance dues, transfer charges, and RWAs demands.
- Pending litigation or DRT appeals filed by defaulting borrowers or third-party occupants.
4. Physical Site Verification Mandate
Property descriptions and measurements published on this website are transcribed directly from bank gazettes. Bidders must personally conduct a physical site inspection and boundary check before remitting EMD funds. NCR Auction Portal bears no liability for discrepancies between published notices and actual ground conditions.