Q.1
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How do I get tender form to participate in auction event?
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You will download the tender form from our portal. Tender form and tender details
are readily available online on the portal.
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Q.2
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How would I come to know about tender terms and conditions?
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You may go through the sale notice for terms and conditions. Also, you can go through
the tender document uploaded on the web portal.
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Q.3
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What is Reserve Price?
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Reserve price is the minimum tender price decided by the Bank/DRTs for the property/ies
under auction.
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Q.4
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How I inspect the property/asset?
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You may visit the site and inspect the property as per the schedule provided by
Bank/DRT.
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Q.5
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What is Earnest Money Deposit (EMD)?
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EMD is the amount decided by Bank/DRT which you have to deposit with Bank/DRT for
participation in auction/tender.
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Q.6
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Where do I submit the tender form?
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You may submit the tender form to the Bank/DRT OR you may upload the documents online
on the portal. The option criteria would be decided by the Bank/DRT and accordingly
you may submit your documents.
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Q.7
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When I will get my password for participation in E-Auction event?
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Bank/DRT will approve/reject the bid offers received for the property/ies under
auction. Upon approval by the Bank/DRT, Bank Online Auction will issue a unique
password for participation in E-Auction event.
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Q.8
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What is digital signature? Why do I need it for participation in E-Auction event?
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It is a signature digitally issued by the authorised agency of India. It has a meaning
of a valid signature in the eyes of law. It has the meaning of acceptance or authentication
of your action during E-Auction event.
It is compulsory to have the valid digital signature if Bank/DRT has made it mandatory
to run the auction by using digital signature of the bidders. You may get in touch
with officer of Bank Online Auction to get the support in issuance of Digital Signature
Certificate (DSC).
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Q.9
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How would I get the training for participation in live auction?
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We have the facility of customised training option for each bidder. You may get
the training online by using the password allocated to you for E-auction event.
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Q.10
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What is the start price?
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Bank/DRT would decide the price with which you may start bidding for the property
under auction. The same is known as Start Price for that particular auction.
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Q.11
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What is Bid Price?
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Bid price is the price which you enter and submit for the property during the live
auction event.
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Q.12
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Can I cancel my bid once submitted?
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System will ask you for the confirmation for twice before final submission of your
bid. Once it is confirmed, you cannot cancel/withdraw your bid during live auction
event.
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Q.13
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What is Auto Extension?
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If a leading bid is received during the last 5(five) minutes of live auction event,
then the auction timings will automatically be extended by another 5(five) minutes.
This wil continue either for unlimited time or as per the criteria for automatic
extension provided by the Bank/DRT.
Here five (5) minutes is the example and may vary as per the instruction of Bank/DRT.
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Q.14
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How would I come to know that I have won the auction/tender?
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Bank/DRT would inform you through their official communication and you may complete
the other formalities by getting in contact with authorised Bank/DRT official.
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