Auction types
Three laws. Three different journeys.
Each process has its own seller, rules, timelines and payment terms. Every listing on 123Assets is tagged with its process, so you always follow the right path.
01SARFAESI
SARFAESI Act, 2002
Banks and NBFCs sell secured assets of defaulting borrowers through their Authorised Officer, under the Security Interest (Enforcement) Rules, 2002.
- Homes, offices, land and vehicles
- Sold by the secured creditor
- Bank specific EMD and payment terms
02IBC CIRP
Insolvency and Bankruptcy Code, 2016
During the Corporate Insolvency Resolution Process a Resolution Professional invites resolution plans for a whole company, approved by the Committee of Creditors.
- Acquire a business as a going concern
- Expressions of interest via Form G
- Section 29A eligibility applies
03IBC Liquidation
IBBI (Liquidation Process) Regulations, 2016
A Liquidator sells assets, lots or the company as a going concern, usually by e-auction, with reserve prices that can step down between rounds.
- Balance due within 90 days of demand
- 12% interest on payment after day 30
- Includes Not Readily Realisable Assets