Breaking Ground: E-Auction for Commercial Coal Mines Launched by the Ministry of Coal

The Ministry of Coal has launched the e-auction system for commercial coal mines as part of the "Azadi Ka Amrit Mahotsav" project, a ground-breaking step meant to advance India's coal sector.

The main points of Day One:

• On the first day of auction, eight of the thirteen mines were listed for bid.
• Of these, three were categorised under the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR) category, while five mines were covered by the Coal Mines (Special Provisions) Act, 2015 (CMSP) category.
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The Maharashtra Housing and Area Development Authority (MHADA) has revealed a fascinating possibility for businesses and entrepreneurs alike in the busy metropolis of Mumbai. With 173 commercial spaces up for grabs in carefully considered excellent locations throughout the city, MHADA's most recent online auction seems to be a game-changer for anyone looking to make a name for themselves in Mumbai's thriving business scene.

Prime Locations and Competitive Bidding:

The newest offering from MHADA consists of retail spaces in highly sought-after locations including Powai, Mazgaon, Goregaon, Malw...

Ready for the most significant occasion of the year: UPSIDA's Mega E-Auction, which is expected to spark rapid industrial development across the state of Uttar Pradesh!

As UPSIDA discloses its ambitious plan to auction off 84 prime industrial sites, get ready to grasp the opportunity. An influential spokesperson officially revealed this ground-breaking effort, which represents a major turning point in the industrial growth of the state.

Opening Up New Paths in Important Districts

This latest auction offers even more opportunities after UPSIDA's previous auction on December 29, 2023, which was ...

A recent development has revealed that a bank is having trouble selling reserved stores because of the unpaid debt that builders owe. Many investors are feeling uncertain and uneasy about this situation.

Investors who had quickly reserved spaces in impending projects are currently dealing with potential roadblocks and delays in getting their units. The outstanding debt concerns with the builders are the main reason with the selling of these establishments.

financial responsibilities of the builders. To rebuild trust and guarantee an equitable outcome for all parties involved, clear communicat...

In India, going through a foreclosure can frequently feel like entering a confusing world of legalese. But do not worry, for the SARFAESI Act serves as a beacon of hope. This significant piece of legislation aims to provide clarity and confidence to both lenders and borrowers as they navigate the occasionally complex seas of debt recovery. It is not simply about rules and regulations.

Let's discuss , which is the crucial situation in which a lender must sell or reclaim the mortgaged property in order to recoup past-due payments. In the world of finance, this is a huge thing, and in India, the ...

Are you ready to embark on an exciting journey into the world of vehicle auctions? Whether you're a seasoned bidder or a newcomer to the scene, understanding what to consider before diving in can make all the difference in securing the perfect ride at the best price. In this comprehensive guide, we'll delve into the key factors you should keep in mind before participating in vehicle auctions, including online options and auction cars for sale. So buckle up, and let's explore the ins and outs of this exhilarating buying experience!

with the rise of internet marketplaces transforming the way that properties and goods are purchased and sold. With its easy-to-use interface and transparent auction process, Foreclosure India is a leading online auction platform among the many others available. We explore the importance of eAuction India in several industries, including banking, real estate, and customs, in this guide.

What is eAuction

As a vibrant online marketplace, eAuction facilitates the auction of a wide range of assets, including real estate, cars, and machinery and equipment. The platform, which makes use of state-of-t...

Are you trying to get a fantastic deal on a new car and in the market to score big? Auctions for cars that have been repossessed may be the answer you've been looking for. These auctions provide savvy purchasers in India with a rare chance to buy premium cars at steep discounts. It's now easier than ever to navigate the world of foreclosure vehicle auctions because to the growth of platforms like Foreclosure India. We'll go over everything you need to know to increase your chances of winning at these auctions in this in-depth guide.

Understanding Foreclosure Car Auctions in India

In India, veh...

Foreclosure auctions are a viable real estate investment option that appeals to both experienced purchasers and novice investors. Gaining insight into the workings of foreclosure auctions might be crucial to realizing substantial value amidst the plethora of chances available in India's ever-changing real estate market. We examine the fundamentals of foreclosure in India in this extensive guide, as well as its possibilities and subtleties, and how prospective investors might profitably traverse this area.

Understanding Foreclosure in India

In short, foreclosure is the legal process by which a ...

A defaulting borrower cannot be allowed to thwart the auction of his mortgaged properties by creditor financial institutions by repaying dues ''any time'', the Supreme Court ruled on Thursday. The top court held that such a borrower cannot seek redemption of his mortgaged property if he fails to repay the dues to financial institutions before publication of auction notice under a law governing recovery of Non-Performing Assets (NPAs). Highlighting the sanctity of the auction process, a bench of Chief Justice DY Chandrachud and Justice JB Pardiwala said, ''It is the duty of the courts to zealously protect the sanctity of any auction conducted. The courts ought to be loath in interfering with auctions, otherwise it would frustrate the very object and purpose behind auctions and deter public confidence and participation in the same.'' It was dealing with a provision of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Section 13 (8) of the Act provides that a borrower can claim back his mortgaged property from FIs ''at any time before the date of publication of notice for public auction or inviting quotations or tender from public or private treaty for transfer by way of lease, assignment or sale of the secured assets'' on payment of entire dues. Justice Pardiwala, who penned the 111-page verdict said, ''We hold that as per the amended Section 13(8) of the SARFAESI Act, once the borrower fails to tender the entire amount of dues with all cost & charges to the secured creditor before the publication of auction notice, his right of redemption of mortgage shall stand extinguished/waived on the date of publication of the auction notice in the newspaper in accordance with Rule 8 of the Rules of 2002.'' The verdict came on an appeal of Celir LLP challenging a Bombay High Court order. Powered By VDO.AI PlayUnmute Fullscreen The High Court had allowed another firm Bafna Motors (Mumbai) Pvt Ltd to redeem its mortgaged property on payment of dues to the bank. Allowing the appeal, the top court said the auction purchaser was ''left high and dry'' by the respondent borrower firm and others as they were permitted to redeem the mortgage of the secured asset, more particularly after the auction proceedings attained finality. The bench said, ''To read it (section 13(8)) otherwise in a strict manner as to only stipulating a restriction upon the secured creditor and not on the borrower's right of redemption would lead to a very chilling effect, where no auction conducted under the SARFAESI Act would have any form of sanctity, and in such a situation no person would be willing to come forward and participate in any auction due to the fear and apprehension that despite being declared a successful bidder, the borrower could still at any time come and redeem the mortgage and thereby thwart the very auction process.'' Terming such a scenario where a borrower can redeem the mortgage at any time as ''more worrisome'', the bench said, the general public who participate in such auctions are often neither aware nor informed by the secured creditors conducting the auctions that as long as the sale certificate is not issued, they will not have a right in the said asset and that the borrower whose asset is being auctioned could sweep-in and redeem the mortgage any time. ''Thus, it is necessary to interpret the amended Section 13(8) of the SARFAESI Act in such a manner where a legal sanctity is attached to an auction process and a bright line is drawn where a mischievous borrower is told 'no more and no further' and precluded from hastily exercising its right of redemption from nowhere at the very end of the process and thereby set the entire auction process at naught,'' the bench said. The top court set aside the Bombay High Court verdict, saying it was not justified in exercising its writ jurisdiction, particularly when the borrowers had already availed the alternative remedy available to them under the SARFAESI Act. It directed the Union Bank of India to refund Rs 129 crore, the entire amount deposited by the borrowers for redemption of mortgage of the secured asset, at the earliest.