(1) The debt recovery officer shall auction the movable and immovable property taken into possession in accordance with Rule 28 and recover the amount.
(2) When conducting an auction in accordance with sub-rule (1), in the case of immovable property thirty-five days and in the case of movable property fifteen days shall be published in the daily newspaper of the national level for the purpose of auction sale or a notice of sealed bids or increase in price shall be published. (2A) Sealed bids placed on the basis of the notice published in accordance with sub-rule (2) shall be opened and evaluated in the presence of the representative of the local administration and the bidder or his representative. In such evaluation, subject to the price determined according to sub-rule (3), the bid of the bidder with the highest price shall be accepted and the property shall be auctioned to such bidder.
(2b) Based on the notice published in accordance with sub-rule (2), the property shall be auctioned in the presence of a representative of the local administration and at least two local persons, subject to the price determined as per sub-rule (3).
(3) According to sub-rule (1), before auctioning the movable immovable property, the debt recovery officer shall fix the price of such movable immovable property by taking into account the prevailing market value in the presence of the representative of the local administration, the representative of the district land office and the representative of the local body. While fixing the value of movable and immovable property in this way, the opinion of the relevant experts can also be taken.
(4) According to sub-rule (2A) or (2B), if the price of such movable and immovable property is lower than the price fixed as per sub-rule (3) during auction sale, next time, fifteen days in case of immovable property and seven days in case of movable property, national level letter- Such property should be auctioned by publishing a notice in the newspaper.
(5) According to sub-rule (4) during the auction sale of movable immovable property for the second time, if the price is less than the price fixed according to sub-rule (3), ten days for the third time in the case of immovable property and in the case of movable propertyThe auction of such property should be promoted by publishing a notice in the national level newspaper after giving five days time. In this way, even during the third auction sale, if the price is less than the price as per sub-rule (3), such movable immovable property shall be sold by the concerned bank or financial institution at the prescribed price. In this way, after the transfer of movable and immovable property by the bank or financial institution, the accounts will be reconciled assuming that the loan of such bank or financial institution has been paid. Explanation: For the purposes of this paragraph, movable property means movable property other than cash.