Section 29
Procedure Of Auction Sales
(1) The Debt Recovery Officer has to recover the debt by auctioning the movable property and immovable taken into his/her possession pursuant to Rule 28.

(2) In making auction pursuant to Sub-rule (1), a notice on auction sale of bidding competition (Dank Badhabad) or sealed tender has to be published in a newspaper of national level, by giving a time limit of Thirty-Five days in the case of immovable property and that of Fifteen days in the case of movable property;

⊕(2a) The sealed tenders offered on the basis of a notice published pursuant to Sub-rule (2) shall be evaluated by owning them in the presence of the representatives of local administration and the person offering tender or his/her
bona fide representative. While so evaluating, such property should be auctioned by approving bid tender of such person, who has offered highest value than the others.
⊕(2b) In conducting auction such movable and immovable property by biding competition, it shall be auctioned in the presence of the interested persons to participate in the auction, representative of local administration and at least two local persons subject to the value so fixed pursuant to Sub-rule (2) .
(3) Prior to selling movable and immovable property by auction pursuant to Sub-rule (1), the Debt Recovery Officer has to fix the value of such movable and immovable property in presence of the representative of local administration, representative of district land revenue office ad representative of local body and at
least two local people, also taking into consideration of the prevailing market value of such property.⊕ The opinion of the concerned experts may be taken while so fixing the value of movable and immovable property,.
(4) In the course of auction sale pursuant to Sub-rule (2a) and (2b), if the value be offered less than the value of such movable and immovable property fixed pursuant to Sub-rule (3), a notice shall be published for next time in a
newspaper of national level by giving a time limit of Fifteen days in the case of  immovable property and of Seven days in the case of movable property and such property shall then be sold by auction.
(5) If, even if in selling through auction pursuant to Sub-rule (4) for the  second time, the value be offered less than the value of such movable and immovable property fixed pursuant to Sub-rule (3), a notice shall be published in a newspaper of national level by giving a time limit of Ten days in the case of immovable property and of Five days in the case of movable property and such property shall be sold by auction. If, even if in so selling by auction for the third time, the value be offered less than the value of such movable and immovable property fixed pursuant to Sub-rule (3), ♣the concerned bank or financial institution has to accept such movable and immovable property for the prescribed value. If such movable and immovable property is accepted by the bank or the financial institution the debt shall be considered to have been recovered and the account thereof shall be adjusted accordingly.
Explanation: For purpose of this Chapter, a movable property means any movable property except cash.