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Auction Notice

The bank is holding an auction to sell gold ornaments pledged as collateral for an unpaid loan. Despite multiple notices and reminders, the loan recipient has failed to repay the amount due. Any surplus from the auction sale will be returned to the recipient, but any deficit must still be paid back through legal action. The recipient is given one last chance to repay within seven days, otherwise the bank will sell the gold at the auction on the specified date without further notice.

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5K views2 pages

Auction Notice

The bank is holding an auction to sell gold ornaments pledged as collateral for an unpaid loan. Despite multiple notices and reminders, the loan recipient has failed to repay the amount due. Any surplus from the auction sale will be returned to the recipient, but any deficit must still be paid back through legal action. The recipient is given one last chance to repay within seven days, otherwise the bank will sell the gold at the auction on the specified date without further notice.

Uploaded by

kirubaharan2022
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Auction notice

To: Date:00/00/24

Auction cum Pre-sale Notice for your Gold Loan Account----------------------------

Dear Sir/Madam,

We write with reference to the Reminder Notice Dated 00/00/24 and


Loan Recall Notice Dated 00/00/24 sent by ARMSS BANKERS LTD, regarding non-payment of the total
overdue amount under the credit facilities including your Gold ornaments availed by you from ARMSS
BANKERS LTD, as mentioned in schedule –A. It has been observed that in spite of being given sufficient
time and repeated reminders, you have failed and neglected to pay the outstanding Dues.

We also refer to the application from and the Terms and Conditions accepted and acknowledged by you.

Despite serving notices and various reminders and opportunities, you have failed to make the payment
of the Amount Due under the Facility. As mentioned in our Loan recall notice, we are constrained to
enforce its security interest by way of selling the pledged gold ornaments through an auction being
conducted, at your risk as to the costs and consequences thereof, and recover the outstanding amount.

If any surplus amount is released through such action and post adjustment of all expenses and charges
as applicable and outstanding dues of other irregular credit facilities availed by you as per Schedule-A,
the same will be refunded to you by the Bank in any mode as it deems fit. If there is a deficit after the
auction, the balance amount shall be recovered from you through appropriate legal proceedings.

We once again request you to consider the final opportunity to make the payment of Amount Due and
interest thereof within a period of seven days from the date of this notice, failing which the Bank shall
continue with the auction of the pledged ornaments, at your risk as to the costs and consequences.
ARMSS Bank reserves the right to change the auction date and place without any prior notice.

The details regarding the auction of pledged gold ornaments:

Auction Date: 00/00/2024. Time: 00.00AM to 00.00PM.

In the event of the failure of the said auction on 00/00/2024, the bank will re-auction the pledged gold
ornaments without any further notice to you.

In case you required any further information, please contact ARMSS Bank’s authorized representative at
the branch or call on the below number:

Debt manager’s Name:--XXXXXXXXXXXXX------------------------- Contact No:--XXXXXXXXXXX

Registered Office:---------------------------------------------------------------------------------------

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