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Auction and tender sales of movables and immovable property such
as hypothecated and pledged machines, stock, jewellery and mortgaged
land and building, under the Orders of the Courts & The Debt
Recovery Tribunals and under instructions from Banks & Benefit
funds for recovery of debts, by sale of the movable and immovable
securities, after complying with all pre sale & post sale legal
procedures, are handled by this department. The department is ideally
located in close proximity to the Courts of Madras (Chennai). The
Courts & the Debts Recovery Tribunal regularly appoint Murrays
as Auctioneers/ Commissioners.
Sale by auction is a preferred mode of sale of movable assets,
for recovery of debt dues. The Sale of Goods Act, which governs
the sale of movable assets, provides for recovery of debts by sale
of movable assets, through public auctions.
In the case of immovable property, Sec. 69 of the Transfer of Property
Act empowers the mortgagee to sell the mortgaged property by public
auction, without the intervention of the Courts and without the
consent of the defaulting mortgagor(s), if:
- The mortgage is a registered simple mortgage;
- The property lies within the revenue jurisdiction of Chennai,
Mumbai & Kolkata;
- The power of sale is expressly conferred on the mortgagee by
the mortgagor in the mortgage deed;
- The interest of more than Rs. 500/- subsists for more than
three months.
In addition to mortgaged property and pledged / hypothecated movables,
this department also undertakes negotiated sales of un-encumbered
properties. Murrays has been handling such sale from the days of
its inception and is considered an expert in such sales.
Our charges for conducting the sale of movable and immovable properties
are a percentage on the sale value. The actual expenses incurred
for publicity and travel & stay (in case of sales held outside
Chennai) is charged to the seller.
As is the case with any sale for recovery of dues, the sale will
not be conducted if the defaulting pledgor/ mortgagor settles the
dues to the pledgee / mortgagee at any time prior to the sale.
Schedule
of Sale
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