Common use of Valuation and Sale of Property Clause in Contracts

Valuation and Sale of Property. Valuation and sale of property repossessed by the Bank will be carried out as per law and in a fair and transparent manner. The Bank will have right to recover from the borrower the balance due if any, after sale of property. Excess amount if any, obtained on sale of property will be returned to the borrower after meeting all the related expenses provided the Bank is not having any other claims against the customer. Where the Borrower is registered under GST law, the Borrower shall ensure that all the provisions, of the GST law, including any rules/ regulations or any amendments thereto are adhered to and complied with by the Borrower. In case where the Borrower is not registered under the GST, the Borrowers shall submit the documents in support of the purchase price of the hypothecated goods. The Borrower shall continue to be responsible towards the withholding tax under the Income Tax Act, 1961 on disposal of the hypothecated goods.

Valuation and Sale of Property. Valuation and sale of property repossessed by the Bank will be carried out as per law and in a fair and transparent manner. The Bank will have right to recover from the borrower the balance due if any, after sale of property. Excess amount if any, obtained on sale of property will be returned to the borrower after meeting all the related expenses provided the Bank is not having any other claims against the customer. Where the Borrower is registered under GST law, the Borrower shall ensure that all the provisions, of the GST law, including any rules/ regulations or any amendments thereto are adhered to and complied with by the Borrower. In case where the Borrower is not registered under the GST, the Borrowers shall submit the documents in support of the purchase price of the hypothecated goods. The Borrower shall be continue to be responsible towards the withholding tax under the Income Tax Act, 1961 on disposal of the hypothecated goods.

Valuation and Sale of Property. Valuation and sale of property repossessed by the Bank will be carried out as per law and in a fair and transparent manner. The Bank will have right to recover from the borrower the balance due if any, after sale of property. Excess amount if any, obtained on sale of property will be returned to the borrower after meeting all the related expenses provided the Bank is not having any other claims against the customer. Where the Borrower is registered under GST law, the Borrower shall ensure that all the provisions, of the GST law, including any rules/ regulations or any amendments thereto are adhered to and complied with by the Borrower. In case where the Borrower is not registered under the GST, the Borrowers shall submit the documents in support of the purchase price of the hypothecated goods. The Borrower shall be continue to be responsible towards the withholding tax under the Income Tax Act, 1961 on disposal of the hypothecated goods.