Step 1: Registration
- The Online E-Auction will take place through the web portal/website www.mstcecommerce.com on the specified date and time, with the possibility of a 5-minute extension.
- Prospective bidders/purchasers must register on the portal at https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp using their mobile number and a valid email ID.
- They are also required to upload KYC documents and their bank details.
Latest List of UBI Eauctions: Click Here
Step 2: KYC Verification
- After registration, bidders/purchasers must upload their KYC documents and bank account details. The KYC documents will undergo verification by the e-auction service provider, which may take 2 to 3 working days. It is advisable to complete the registration and uploading process well in advance.
Step 3: EMD Payment
- Following KYC verification, bidders/purchasers should make the Earnest Money Deposit (EMD) payment through NEFT/RTGS/NET BANKING/UPI. They can generate a challan on the website, which will be credited to their Global EMD Wallet. Payment must be made within 3 days of generating the challan for NEFT/RTGS, or the challan will become invalid. Ensure the EMD is available in the Global Wallet before the stipulated time. No other payment modes are accepted. EMD in auctions does not accrue interest and is returned to unsuccessful bidders without interest.
Step 4: Bidding
- Bidders should select the property they wish to bid on from the list on the website or enter the Property ID directly from https://ibapi.in. Properties become visible in 'Live Auctions' on www.mstcecommerce.com one day before the auction date.
Step 5: Helpdesk
- For registration-related queries, email ibapiop@mstcecommerce.com.
- For EMD payment/refund-related queries, email ibapifin@mstcecommerce.com.
- Visit Registration and Login and Bidding Rules.
- Download copies of sale notices, Terms and Conditions of the e-auction, and the Help Manual for the operational part of the e-auction from the e-Bkray – IBAPI portal.
- For auction-related queries, contact Zundal Branch, Ground Floor, Gram Panchayat Building, AT & POST ZUNDAL, DIST- GANDHINAGAR, GUJARAT - 382421 at UBIN0555975@unionbankofindia.bank or call 8449718272.
Step 6: Steps Involved
- Register on the e-auction portal www.mstcecommerce.com using your mobile number and email ID.
- Upload the required KYC documents.
- Generate a challan and transfer the EMD amount to your Global EMD Wallet.
- Submit bids online on the auction date and time.
- In case of a successful bid, pay the remaining bid amount according to the terms outlined.
- For unsuccessful bids, request a refund through the MSTC website, and the refund will be processed by MSTC.
Additional Information:
- Review www.unionbankofindia.co.in tenders for detailed terms and conditions of the Auction Sale before submitting bids.
- Successful bidders will receive email notifications after the e-Bidding Process concludes.
- Intending bidders can inspect the secured assets before the e-auction by scheduling an appointment with the Authorised Officer.
- It is the responsibility of bidders to inspect and verify the secured assets' condition and specifications before bidding.
- Bid increments must be at least Rs. 5,000.00 (Rupees Five Thousand only) in excess of the highest or preceding bid.
- The sale confirmation is subject to approval by the Secured Creditor.
- Bids, once made, cannot be canceled or withdrawn. Failure to comply with the terms and conditions may result in the forfeiture of the bid amount.
- Successful bidders must deposit 25% of the sale price (inclusive of EMD) immediately after the sale day or not later than the next working day in a specified bank account.
- The remaining 75% of the sale price should be paid within 15 days of sale confirmation, with a possible extension of up to 3 months if agreed upon in writing.
- Non-compliance with payment terms will result in EMD forfeiture and the property's re-sale.
- The Authorised Officer may allow the purchaser to deposit money to clear encumbrances, along with interest and additional costs.
- Upon sale confirmation and compliance with payment terms, the Authorised Officer will issue a certificate of sale for immovable property.
- Legal charges, stamp duty, registration charges, and other incidental charges are the responsibility of the successful bidder.
- TDS (Tax Deducted at Source) at 1% is applicable on the sale proceeds for properties with a sale value of Rs. 50,00,000/- (Rupees fifty lakhs) and above.
- The Authorised Officer will deliver the property on an "as is where is" basis, free from known encumbrances.
- The certificate of sale will specify whether the property is free from encumbrances known to the Secured Creditor.
- Requests for changes to the sale certificate will not be entertained.
- Unsuccessful bidders can request EMD refunds, which will be processed without interest.
- If the Borrower pays the entire amount due to the Authorised Officer before the e-auction, the sale may be canceled.
- The Secured Creditor reserves the right to accept or reject the highest bid or to cancel the sale.
- In case of disputes related to bids, EMD, or eligibility, the decision of the Bank shall be final.
- The bank/service provider is not liable for interruptions or technical issues during the e-auction.
- The assets are sold in "as is where is" condition.
- The entire sale amount is used to settle dues to the Bank, exclusive of statutory and other dues.
- Bidders are responsible for verifying encumbrances, property title, and claims affecting the property.
- The Authorised Officer may cancel or postpone the sale without providing reasons.
