Definition
An online public auction conducted through a designated e-auction platform for the sale of secured assets seized under SARFAESI or by the DRT Recovery Officer. RBI guidelines mandate that banks conduct SARFAESI auctions through e-auction platforms to ensure transparency and wider participation. The e-auction notice must be published in two leading newspapers and on the bank's website at least 30 days before the auction date.
Need Expert Advice on E-Auction?
For specific advice on how E-Auction applies to your debt recovery matter, consult Advocate Subodh Bajpai — LLM, MBA (XLRI Jamshedpur). 25+ years of exclusive banking and debt recovery practice across DRT, SARFAESI, IBC, and NI Act.
Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates