Terms and Conditions
INDUSIND BANK LIMITED
DIGITAL SERVICES USER AGREEMENT
TERMS & CONDITIONS OF PLATFORM USE
This Terms and Conditions (T&C) contained herein shall govern the use of the Digital Platform viz., Platform / domain / application / browser / mobile compatible or otherwise (hereafter generally referred to as the "Platform") provided by IndusInd Bank Limited, a banking company registered under the Companies Act, 1956 and having license to carry on Banking Business under the Banking Regulation Act, 1949 and having its Registered Office at 2401 Genl. Thimmayya Road (Cantonment), Pune – 411001 and Administrative Office of its Consumer Finance Division at New No. 34, G.N. Chetty Road, T. Nagar, Chennai - 600017 (hereinafter referred to as the “Bank” or “IBL”) by the User, i.e., you (hereinafter referred to as the “User” / "Bidder” / “Customer / Buyer”).
USER TERMS AND CONDITIONS
- User should confirm that he/she is (18) Eighteen years of age or above, has sound mind and is legally capable and he/she has read, understood and accepted the T&C in entirety and all the links / information contained therein. Persons who are "incompetent to contract" within the meaning of the Contract Act, are not authorized to use the website either on his behalf or in representing anyone / any entity.
- User understands that the Platform is owned and operated by IBL and User represents and warrants that User possesses necessary legal right and ability to accept this T&C and to use this Platform in accordance with all terms and conditions contained herein. User acknowledges and agrees that, unless IBL specifically states, this T&C shall apply to this Platform and other IBL's online Services made available on this Platform as an add-on / extension / redirection feature / functionality, User also assures that he will only use the platform and shall not allow anybody else to represent either partially or otherwise or by impersonation, system cloning or screen scraping or such other dubious methods unless authorised to use the same and he will be responsible for any misuse or wrong use of the platform. User does not include a casual visitor who just visits the site with or without evincing interest to empanel / register himself to do any of the permitted actions transactions etc.
- Registered User:
- User is required to become a Registered User to purchase the Vehicle(s) / Asset(s) / Equipment(s) (hereinafter referred to as “Asset” and Asset include multiple Assets) offered under this Platform, by duly fulfilling the online registration process available on the Platform by providing correct information such as name, address, mobile number, telephone number, valid email address etc., at the time of registration. The User hereby represents that (a) User have the authority to bind the entity to this T&C; (b) User have the authority to use the address of the principal place of business of such business entity while registering; and (c) all other information submitted to IBL during the registration process is true, accurate, current and complete. For purposes of this provision, a branch or representative office of the User (or) entity always fully informed of all material changes such as insolvency / liquidation / dissolution / merger / amalgamation / takeover or acquisition of his entity or /by his entity inclusive of dilution of stake, change of controlling interest etc. (or) death / exit of principal / key person managing and running the show / business of the entity at the time of registration. Further branch or representative office will not be considered a separate entity and its principal place of business will be deemed to be that of its head office for all practical purposes and it is declared by the User to IBL initially.
- Registration must be done at-least 72 hours prior to the start of any auction/sale by IBL, in case of first bid by the User.
- A system generated link shall be sent to the User either through registered e-mail and/or mobile number as SMS (Short Messaging Services) upon successful submission of registration form. The User, who is registered is advised to click the link to authenticate the registration and complete the registration process.
- Within 48 hours of validation of KYC documents, IBL shall activate the User's account and intimate the User, accordingly.
- Thereafter, User will be able to log-in and access his own account by logging in with his "User ID" and "Password" and confirm his initial access credentials viz., registration ID / Login access ID and initial default password etc. Also the User notes that he may be required to keep his registered mobile active and current in his own name always and would use it to receive any transaction level secure One Time Password (OTP) / code / validation ID / code and that it is for enhanced security of the transaction proposed to be committed by him on the Platform. User shall not create fake User account, do fraudulent transactions using the Platform.
- Notwithstanding the above, IBL reserves the right to introduce any fees, charges inclusive of mandatory caution deposit (static (or) revolving) and determinant being fixed value (or) ad-valorem of transaction value (or) basis User’s loyalty plan (or) as may be decided by the Bank in its sole discretion and announced from time to time or other consideration and can cancel, modify, increase, decrease or withdraw the fees/charges/deposits levied, at any point of time without any prior notice or assigning any reason thereof to the User.
- IBL’s Services are available only to those User that can enter into a legally binding contracts and which are active and valid as on date of use.
- Notwithstanding the above, IBL may refuse registration and deny the issuance of an account and/or email account and associated User ID and Password to any User for whatever reason and without assigning any reasons thereof.
- By becoming a registered User, User consent to the inclusion of User personal data in IBL's Database.
- User is required to access his/her account at least once in every Three months, failing which, IBL may, at its sole discretion, disable the user account as “inactive” or “dormant”. If the User account is expired or not renewed or not activated, then in all such case, User’s account will be disabled after the expiry of 3 calendar months. Revival of such account is at the discretion of IBL and such reactivation shall be governed by the applicable due diligence measures inclusive of fresh set of documentation etc.
- User shall not collude with the customer/s (be it borrower(s) / co-borrower(s)/ guarantor(s) legal heirs of any of the parties or any other interested / related party or any interest Third Party) of IBL in bidding for any Asset, which was recovered from the defaulting borrowers of IBL (or) voluntarily surrendered (or) surrendered to IBL under any order or action of authority etc.
- In case of death of the User or User not able to legally / medically act for the reason of insanity or otherwise, then a certificate to that effect shall be provided by the User’s legal heirs / authorised representatives within a reasonable time to proceed with what was left over by the User. In such case, all the terms and conditions contained herein shall bind User’s legal heirs / authorised representatives and if they are not interested to continue from bidding/making payment, then in such case, the bid will be cancelled and amount deposited will be forfeited / refunded as per the T&C contained herein.
- If the User account is faked / spoofed by User or it is hacked / blocked by any third party, then in such case, IBL shall not be held liable for any transactions that has happened using the User ID or for any loss that have been suffered by the User.
- User shall not represent any group of bidders / purchasers nor should involve in any cartel formation, which works against the interests of IBL or that of the Borrowers of IBL.
- Usage of Platform:
- This Platform acts only as a venue / place for its User to negotiate / interact for acquiring the Asset or other items, on such terms and conditions and in the manner mutually agreed between User and the other party, which may be either IBL or Registered / Legal Owner or Seller. All transactions committed (or) in progress at various stages in / under the Platform will solely and exclusively be at User’s responsibility and User is advised to always use his due diligence as may be required and exercise caution before proceeding further. Users may use this Platform solely for his own personal or internal purposes and shall not sub-delegate or sub-contract the same.
- User shall not sell, attempt to give, assign or otherwise transfer an account, User ID or Password to a third party. In addition, User is entirely responsible for maintaining the confidentiality of User account, User ID and / or Password. IBL may suspend or terminate the Account of a User registered in the Platform or the transferee of a User, in the event of a sale, offer to sell, gift, assignment or transfer in violation of this section and block access to all users from that IP address, immediately without notice. Furthermore, User is entirely responsible for any and all activities that occur under User account. User agree to notify IBL immediately of any unauthorized use of User account or any other breach of security. IBL will not be liable for any loss that User may incur as a result of unauthorized use of User password or account. However, User is and would be held liable for all/any losses incurred by IBL or any other party due to unauthorized use of User account or password or access including for any use/misuse of the Platform by the User’s employee.
- User shall not contact customer / borrower / - co-borrower / guarantor / beneficial owner(s) / legal heirs of any of the parties (or) any other interest / related party / RTO / other brokers employee / IBL’s Agents or Agencies (including recovery agents/agencies) / yard owner, insurance company / garage or repair shop / dealer etc.
- User agree that User shall not copy, reproduce or download any information, texts, images, video clips, directories, files, databases, links or listings available in the Platform for the purpose of re-selling or re-distributing, marketing, messaging (via e-mails, SMS or otherwise), or for business operation that competes with IBL.
- Systematic retrieval of any information from this Platform to create or compile, directly or indirectly, a collection, compilation, database or directory (whether through robots, spiders, automatic devices or manual processes) without the prior written permission from IBL, is prohibited. In addition, use of the content or materials of the Platform, for any purpose not expressly permitted in this T&C is prohibited.
- IBL only grants permission to access and make use of the Services provided in the Platform to the User. User is not authorized to download the code, prohibited content or modify / alter / change / amend / vary / transform / revise the Platform in any manner.
- Usage Restrictions: User shall not do or assist, permit or enable others to, do any of the following:
- use any robot, spider, spoofing, phishing scraper, data mining tool, data gathering or extraction tool, or any other automated means to access, collect, copy or record the Platform or Services or deeds;
- copy, transfer, assign, sublicense, modify, alter, or create derivative works of any part of the Services or any of IBL’s Intellectual Property etc.;
- remove any copyright notices or proprietary materials from the Platform;
- take photos, videos, screenshots or other images of the Services or otherwise extract reports, data and other output of the Services, other than records of User auction registrations and past purchases that User take via any download and related functionality provided on the Services;
- use the Services in any manner or for any purpose in violation of any laws, regulations, regulatory guidelines, contractual obligations or any right of any person including, but not limited to, intellectual property rights, rights of privacy and/or rights of personality or which otherwise may be harmful (at the sole discretion of IBL) to IBL, its service providers, suppliers or users etc.;
- use the Services in competition with IBL, to develop competing products or services, or otherwise to detrimental or commercial disadvantage to IBL;
- use the Services for benchmarking or competitive analysis of the Services;
- impersonate another person or misrepresent User affiliation with a person or entity, hide or attempt to hide User identity, or otherwise use the Services for any invasive or fraudulent purpose, including, for example, for domain spoofing or other forms of phishing;
- share passwords or authentication credentials for the Services;
- User may never use another User's, User Account without permission.
- Engage in any form of shill bidding, including collusion, bid manipulation and bidding on items that User, or a party affiliated with User, are selling in an auction.
- Changes to the Platform: IBL at its sole discretion reserves the right to change, modify, alter, amend, update or discontinue the Platform or the terms and conditions governing this Platform and services, features, links, contents, information and any other materials offered through this Platform any time without prior notice to the User. By use of the Platform User agrees to be bound by the all amended terms, conditions, modifications, alterations or updates etc. User shall periodically read / review the changes made to the terms and conditions prior to use of this Platform every time. The amended T&C shall be effected from the date on which the same is published in the Platform.
- The Asset listed on the Platform may belong to third parties i.e., Sellers / Owners or may be repossessed by IBL from its borrowers or surrendered by the Borrower himself who have committed default in payment of loan dues or Asset surrendered by customer vide any court / tribunal order etc., or taken from dealer / garage, discarded / unattended / abandoned by the Borrowers of IBL or otherwise came into possession of IBL or were Asset held as preliminary (or) collateral security (or) under guarantee obligations / surrendered / discarded / abandoned / illegally handed over (or) assigned / sold / physical transmission etc.,
- Asset listed on the Platform for auction / sale may be with or without body or attachment / implements / accessories / trailers / tractors / converted (or) retro fitted items.
- Asset may be repaired / refurbished / reconditioned / made roadworthy by IBL before the auction / sale.
- Asset may be a registered or Unregistered (but registrable) or a Non-Registrable Implement or an Articulated Asset with or without Trailer or and accessories built in / added / kept / attached / connected / embedded / mounted / built or modified / custom built / refurbished etc., or Asset may be loaded with perishable or imperishable Goods / Materials etc.
- Each listing will contain complete details regarding the Asset and the pre-approved reserve price acceptable to IBL (which will also be the start bid price for the Asset).
- IBL will provide pre-approved reserve prices against each Asset in the Platform available for auction/sale.
- IBL offers no express or implied warranty on any Assets unless specified otherwise.
- User acknowledges that an Offer initiates a non-binding transaction representing the User's serious expression of interest in buying the Asset, including offering the Last Offer Price for the Asset, and does not create a formal contract between the User and IBL.
- Assets auctioned/sold through the Platform are always offered on “as is where is and what is basis” only.
- Auction / Sale may be cancelled by IBL any time before or after announcing the successful bidder for any reason of whatsoever nature. Bidder shall not question the discretion of IBL in this regard.
- Asset has to be inspected by the User / Bidder and satisfy himself before the participation in auction & bidding.
- Bidder will be liable for transfer of vehicle in his name or in the name of the prospective purchaser within 45 days from the date of taking delivery of the Asset.
- All issues related to RTO/DTO like RTO Objection / hold etc., needs to be checked before bidding. It is the responsibility of the Bidder to ensure all compliances i.e., RTO, Road Tax, Permit Tax, including arrears if any etc.,
- Engine No. Chassis No. Year of Manufacture and VIN (vehicle Index Number) will have to be confirmed by bidder before bidding including any mutilation to the same.
- Deed / Indemnity / Bond / Undertaking / Affidavit, if any demanded by IBL shall have to be executed by Bidder.
- Parking / Yard rent charges as applicable shall be paid by the Successful Bidder as per IBL’s terms & conditions. Bidder needs to check the same with IBL before placing the bid and shall be liable to remit it in case of successful bid.
- Bid once placed cannot be cancelled. Successful bids will be valid only for a particular time at the sole discretion of IBL.
- Initial Payment Amount as specified by IBL shall be paid to IBL 48 hours prior to the start of the bid.
- Balance bid amount shall be paid by Bidder to IBL within the days specified hereunder from the date of payment of Initial Payment Amount. Else, action will be taken by IBL as per Clause 13 of this T&C.
- Asset should be taken delivery within 2 days after making payment of all sums of money such as bid amount, pending taxes, parking charges etc., by the Bidder to IBL. If the delivery of the Asset is not taken even after 2 days, IBL may cancel the bid and forfeit the Initial Payment Amount, further action will be taken by IBL as per Clause 13 of this T&C.
- User shall not carry on the use the Asset in the same name, Trade Name, Personal Identification details like Phone Nos. or Group Name of the Original Owner / Borrower of IBL and shall also not use the Asset without Fitness Certificate for the purpose or payment of taxes or without insurance or in violation permit conditions or geo restrictions / Usage (white / yellow board / Taxi / Hire) restrictions/conditions etc.
- IBL will charge stock yard rent / day from the date of the Asset coming into its custody to till it gets delivered to the Successful Bidder. Bidder will have to deposit at actuals the same at the location for release of the vehicle.
- Availability of Form 36 & other transfer related documents need to be checked before bidding.
- IBL has the right to reverse approval given for auction / sale as per its policy.
- Additional taxes applicable on transactions as per existing Govt. of India or respective State rules.
- Release letter will be provided only after payment of entire bid money and submission of necessary documents as may be required by IBL.
- IBL may block the User from auction participation in future, if he defaults in payment of the bid amount apart from other actions.
- ALL PRICES ARE SUBJECT TO APPROVAL. • ALL VEHICLES ARE AS IS WHERE IS BASIS. YARD CHARGES AS APPLICABLE ARE EXTRA AND TO BE BORNE BY THE BIDDER. • ALL THE PRODUCTS THAT ARE LISTED ARE "AS IS WHERE IS BASIS", INSPECTION SHOULD BE DONE BY THE BIDDER BEFORE BIDDING. • REGISTRATION PAPERS WILL NOT BE GIVEN BY IBL FOR UNREGISTERED VEHICLES. • THE VEHICLES, ONCE SOLD, WILL NOT BE TAKEN BACK. THE LIABILITY OF TRANSFER & RTO / DTO RELATED DISCREPANCIES, IF ANY, WILL SOLELY BE AT THE BIDDER’S RISK & RESPONSIBILITY. ALL TAXES SHOULD BE BORNE BY THE BIDDER. IBL RESERVE THE RIGHT TO REJECT ANY OR ALL BID(S) WITHOUT ASSIGNING ANY REASONS THERE OF. PAYMENTS TO BE MADE TO IBL WITHIN 3 DAY AFTER CONFIRMATION.
- Representations and Warranties: User hereby represents, warrants and agrees to:
- provide IBL with true, accurate, current and complete information to be displayed on the Platform (including personal information).
- maintain and promptly amend all information to keep it true, accurate, current and complete.
- grants an irrevocable, perpetual, worldwide and royalty-free, sub-license (through multiple tiers) to IBL to display and use all information provided by the User in accordance with the purposes set forth herein and to exercise the intellectual property rights including copyright, publicity, and database rights which the User have in such material or information;
- User is neither an existing Borrower of the Bank nor an Employee nor as Agent of IBL nor has any relationship with the Borrower nor Employee nor agent of the Bank.
- While using the Platform, User represents, warrants and agrees not to:
- Use the Platform, if it is not able to form legally binding contracts or any link is temporarily or indefinitely suspended from IBL's Platform;
- Take any action that may undermine the feedback or rating systems;
- Transfer User account (including feedback) and User ID to another party without our consent;
- Distribute viruses or any other technologies that may harm IBL’s interests or property;
- Copy or modify or distribute content from the Platform and IBL copyrights and trademarks; or
- Harvest or otherwise collect information about other users, including contact details etc.
- User agrees to verify the details as given on the Platform & check the actual condition of Asset before placing any offer/proposal by inspecting the Asset.
- User agrees that if he is the Successful Bidder, he shall fulfil his purchase commitment by paying for the Vehicle and taking Delivery within 2 days’ from the date of paying entire bid amount or else the transaction shall be considered as withdrawn and IBL may cancel the bid and allow the second successful bidder to make payment and take delivery of the Asset. User shall not hold IBL liable for the same.
- User shall make Initial Payment Amount and balance bid amount within the specified time by IBL and report same to IBL, after being declared as "Successful Bidder". Any failure to do so, will entitle IBL to take an appropriate action against the said Successful Bidder. His User registration may be cancelled and amount, if any paid/deposited already, will be forfeited. At the discretion of IBL, refund, if any provided to the Bidder shall carry no interest at all.
- Additionally, on IBL discretion the User ID may be blacklisted at is sole discretion.
- User agrees that the final decision for Disposal & Delivery of any such Asset is at the sole discretion of IBL and User cannot question for same for any reason whatsoever.
- Third Party Content: Some of the Content/information displayed on this Platform is provided or posted by third parties ("Third Party Content"), which may be from independent platforms, over which IBL has no right or control or ownership. IBL may not be the author of third-party content, whether contributed by anonymous users or paid content providers. User agree and understand that by visiting such platforms, User is moved beyond IBL's Platform. Neither IBL nor any of its affiliates, directors, officers or employees have entered into any sales agency relationship with such third party by virtue of display of the Third Party Content on the Platform. Any Third Party Content available in IBL’s Platform is the sole responsibility of the such party who is providing the content and IBL shall not be responsible for the authenticity, availability, suitability, reliability, accuracy, propriety, lawfulness or truthfulness of any of the same and shall not be liable to any User, in connection with such User's reliance of such Third Party Content, as the same is provided on "as is" and “as made available” basis, without warranty of any kind. In addition, IBL is not responsible for the conduct of any User's activities on such third party’s platform and shall not be liable to the User or any person in connection with any damage suffered by the User or any person as a result of such User's conduct on the third party’s platform. IBL may allow User access to content, products or services offered by third parties through hyperlinks (in the form of word link, banners, channels or otherwise) to such third party's platform. User is advised to read the terms and conditions and/or privacy policies of the said third party platform before proceeding to use the same. User acknowledges that IBL has no control over such third party's platform, does not monitor such platforms and IBL shall not be responsible or liable to anyone for such platform or any content, products or services whatsoever that is offered in such third party’s platform.
- Changes to the Services: IBL may, without prior notice, change the Platform or Services, stop providing the Services or features of the Services to User or to Users generally, or create usage limits for the Platform and Services. IBL may permanently or temporarily terminate or suspend User access to the Platform or Services without notice and liability for any reason, including, if in the sole determination of IBL, User violates any provision contained herein, or for no reason. Upon termination of access for any reason or no reason, User continue to be bound by the terms and conditions contained herein.
- Termination /Suspension/Deactivation of Account: If IBL reasonably believes that an account and Password is being used / misused in any way or in the following manner, it reserves the absolute right to suspend, or terminate the service to the User, deactivate or delete User accounts and all related information and files in User account, cancel orders (offer/proposal entered by User) and shall prohibit the User from accessing the Platform, if the User:
- violates any of the T&C or any laws, regulations or public policy;
- failed to make payments after successful bid due to any reason, whatsoever;
- inability to be contacted by IBL;
- non-provisioning of the payment details to IBL, as per stipulated terms and conditions of IBL;
- IBL has reasonable grounds to suspect that any information provided by the User is untrue, inaccurate or is not current or is incomplete or is fake/fraudulent or involves impersonation / collusion, wilful material misrepresentation etc.;
- IBL believes that the User's actions may cause financial loss or legal liability to IBL or its affiliates, directors, employees, etc.;
- User misused the Platform in any manner detrimental to the IBL’s interest;
- was found to be close relative or blood relative of any employee(s) of IBL or its Associate Companies or any of its Agents (viz., Marketing or Collections or DSA or name transfer or RTO field work, liaising etc.) or any of its vendors or service providers or offline auction bidders or blacklisted / removed / debarred online auction bidders (in past or present) or with reference to any Asset listed by IBL, the Borrower(s)/Co-Borrower(s)/Guarantor(s)/Beneficial Owner(s) / Employee Authorised Signatory(ies);
- is criminally convicted / accused under any Act or set on bail or otherwise.
- whose login / credentials / empanelment as an online / offline Bidder has been blacklisted / barred / disqualified by any other Indian E-auction company (platform or site) / Indian Company conducting offline auctions or by any other Bank / NBFC / ARC company / liquidator etc.;
- who has successfully remitted both advance money / balance proceeds through any other Third Party Account involving layering of inflow / dubious transactions falling under the ambit of extant AML regulations;
- not used the facility for more than 90 days
- for such other reasons as IBL may deem fit.
- Upon such termination or suspension or deactivation etc., User’s right to use the IBL's Platform will immediately cease. User can also terminate User account at any time, but User information may remain stored in archive on IBL’s servers even after the deletion or the termination of User account.
- Notwithstanding the above, IBL may reactivate the deactivated account / reinstate the suspended / deactivated account, upon User providing the required data, documents and payment of fees/charges as required by IBL.
- User Information: IBL reserves the right to cooperate fully with governmental authorities, private investigators and/or third parties in the investigation of any suspected criminal or civil wrongdoing or other unlawful activity. Furthermore, IBL may disclose the User's identity and contact information, if requested by a government or law enforcement body, an injured third party upon a subpoena or other legal action, and IBL shall not be liable for damages or results thereof and User agrees not to bring any action or claim against IBL for such disclosure. The User hereby confirm and certify that all information furnished by him herein are true.
- Disclosure by IBL:
- The User hereby expressly give consent to IBL to disclose any/all information/s, at any point of time, relating to conduct and operations of the account/s to the Reserve Bank of India and / or any other Agency/ Authority such as Credit Information Bureau (India) Ltd., appointed/designated by Reserve Bank of India/any Statutory Authority or Courts of Law on being called upon to disclose such information in writing or by any order / direction or as the case may be. IBL without any further notice or intimation to User, can disclose and supply any information to the Reserve Bank of India and/or any Agency/Authority appointed by Reserve Bank of India and/ or Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) and/or Registrar of Companies (ROC) and / or Information Utility etc. The User, further agree that Reserve Bank of India and/or Legal Entity Identifier and/or any other Authority so appointed can compile such data and/or information and can convey/supply such data and/or information and/or results thereof to Government, Reserve Bank of India, other Banks, and/or Financial Institutions for any reasons whatsoever, for Credit Discipline in Banking Industry in India. The User expressly waive their right and discharge IBL and/or Reserve Bank of India and/or any other Authority appointed by Reserve Bank of India from any liability for disclosure and/or use of such information on account of breach of any secrecy clause. Further, IBL may on its own or through its agent(s) make references, do deduping / verification / validation / checking enquiries relating to information in the application /agreements / any other related documents submitted by User.
- User hereby ACCEPT, AUTHORIZE, CONFIRM AND PERMIT IBL to USE, SHARE AND DISCLOSE any/all of his registered communication contact addresses / details (postal, e-mail, mobile number, social media platforms/channels etc.), that he has willingly registered/shared with IBL for the purpose of (A) receiving information, either from the Bank, Central KYC Registry and/or through any of IBL’s authorised Service Providers / Agency(ies) / Professional Advisors related to the operations of his Account(s) / Services availed by him from IBL; and/or (B) API based authentication where his details are being auto fetched / populated to process his banking requests / applications on/through IBL’s Web Applications / Systems; and/or (C) any kind of promotional / research / feedback based exercise about IBL’s products/services that User must / may be made aware for general consumption or to provide feedback as an existing customer of IBL; until such time the User requests/notifies IBL to stop sending communication to any/all of his registered communication addresses / details as per IBL’s defined process and knowing that IBL will ensure security and confidentiality to all his communication contact details provided by him. If the User is or become a Non Resident Indian (NRI) / foreign national, User confirms that the following consent is well within his capacity as a Non-Resident Indian and by doing so he does not violate or breach in any manner the regulations or statutes of the country of his residence as are applicable to him.
- Notwithstanding anything contained herein above, in case the User opts out from the above, IBL shall be entitled to use/share/disclose his communication contact addresses / details to send him all communication either through select / mandated communication channels, those that are deemed necessary for (A) smooth processing of his account operations/service request(s) (B) general awareness and/or (C) any statutory action required to be undertaken the User as per the applicable laws and guidelines/regulations / directions / notifications prescribed by Reserve Bank of India, Ministry of Finance India, Government / Quasi Government Authorities and/or any other authorities governing the financial and banking operations whether in India or outside India.
- The User hereby agrees that IBL shall have no liability to User, including no liability for consequential or any other damages, in the event IBL takes any of the actions mentioned in the above clause, and that the User agrees to bear the risk that IBL may take such actions.
- Transactions by User: IBL provides an electronic web/app based platform for exchanging information between Users and IBL for disposal of repossessed Asset. IBL uses several techniques to verify the accuracy of the information, but despite the same, there may be errors in the Asset details which the User shall be confirming the same on physical verification of the Asset.
- User acknowledges and assumes the risks of transactions when using the Platform, and fully understands the risks of liability or harm of any kind in connection with Asset that are the subject of transactions using the Platform. Such risks shall include, but are not limited to failure to meet specifications, defective Asset, delay or default in delivery of Asset or payment, cost miscalculations, breach of warranty, breach of contract, theft of Asset, transportation accidents, sabotage, demurrage and third party damage/risks, dispute raised by Borrowers of IBL etc. Such risks also include the risks that the User may incur as costs of defence or other costs in connection with third parties' assertion of third party rights. User may take necessary insurance for covering such risks adequately
- User agrees that IBL shall not be liable or responsible for any damages, liabilities, costs, harms, inconveniences, business disruptions or expenditures of any kind that may arise as a result of or in connection with any transaction risks. IBL shall not be held liable to any person for providing the Services with respect to the salvage vehicles and each User acknowledges that the User shall be responsible for the purchase of salvage Asset and to inspect the extent and cause of damages of the salvage Asset.
- User is solely responsible for all of the terms and conditions of the transactions conducted on, through or as a result of use of the Platform, including, without limitation, terms regarding payment, returns, warranties, insurance, fees, Taxes including Goods and Service Tax, title, fines, permits, handling, transportation etc.
- In the event that any User has a dispute with Authority / Court of law regarding the transaction or purchase of the Asset, the User agrees to indemnify IBL, its agents, affiliates, directors, officers and employees, from all claims, demands, actions, proceedings, costs, expenses and damages (including without limitation any actual, special, incidental or consequential damages) arising out of or in connection with such transaction. IBL shall send notifications through SMS &/or emails related to Events, offer/ proposal, payments etc., and activate & deactivate (barring users to even access the Platform) of user accounts due to various reasons e.g., non-fulfilment, default in payments, deliberate misuse etc.
- Payments for all Vehicles / items are to be made at the Platform or at IBL’s branches at respective location as per the Terms & Conditions pertaining to respective auction/sale and as may be stipulated by IBL, in terms of quantum, mode of payment, originating bank account credentials, source of funds etc.
- Terms and Conditions of the Bid:
The Bidder’s quote on an Asset is only his offer to buy the listed vehicle. The seller may at his sole discretion chose to accept or reject the offer. In other words, the quotation does not confer any right on the Bidder to demand IBL for selling the asset to him. The final decision for the listing of vehicles and/or sale of any vehicle through e-auction shall be at the sole discretion of the IBL only.
- Reserve Price Event: "Reserve price" shall mean the Minimum Price quoted for the Asset. It is the minimum Starting Price for the Asset as decided by IBL.
- Information on the Reserve Price is usually made available to the Bidder buyer at the time of auction/sale. If the reserve price is not met, then a message "Reserve price not met" is displayed against each Item/listing of the Asset till the Reserve Price is finally met. IBL reserves the right to change the Reserve price announced earlier, either upwards or otherwise, anytime at its sole discretion, without ascribing any reasons, post the current session of auction / sale (which has since become deactivated / stopped / withdrawn / time barred / not active technically etc.).
- Any final Bid Price or Offer/proposals submitted by Bidder, which fails to equal the Reserve Price, will not be considered sufficient to complete the competitive transaction. Thus, even if User is the highest proposer at the time of close of auction/sale, User do not, by implication, become the Winning Bidder unless the Reserve Price has been met.
- Once the Reserve Price has been met, the Asset will be sold to the highest bidder when the competitive auction/sale closes. The successful bidding will be rated as 1st, 2nd and 3rd.
- In order to purchase the Asset:
- A Bidder must meet or exceed the Reserve Price and
- Have the highest Offer/proposal.
c) Successful Bidder shall make payment of the token amount within 1(one) working day after the declaration of winning the Bid. In case of delay/non-payment of token amount without any genuine/valid reasons by the winner, IBL may at its sole discretion, blacklist the Bidder and terminate his membership on Platform. Declaration of winner, termination of membership on the Platform are at the sole discretion of IBL and the Bidder does not have any right to object the same.
d) The advance amount once paid will not be refunded under any circumstances.
e) The Bidder must pay the final bid amount within 3 (three) working days’ after the payment of token amount. Any failure/delay in the payment of final bid amount would render the Bidder to forfeit the token amount. However, upon the submission of valid / genuine reasons by the winner of the bid, IBL may at its sole discretion consider not to blacklist such Bidder and/or for the grant of extension of time for making the final payment of the bid amount.
f) In cases where the final Bid amount is not paid by the declared winner within the stipulated time, IBL may at its sole discretion declare a new winner and in such case, the Bidder shall have to pay damages against the loss of time / business / expenses incurred by IBL.
g) In cases of failure transaction (amount debited from the winner’s bank account but not credit to IBL’s designated account), the winner of the bid may contact his banker for resolving the payment issues or shall again initiate payment through an alternate payment method for making payment towards token and/or final payment in the e-auction.
In any case, the decision of IBL is final with regard to declaration of final / successful bids, conduct of re-auction etc. IBL reserves it right to reject a bid for valid reasons and its decision shall be final in this regard which shall not be questioned and shall be binding on the Bidder.
- However, IBL solely reserves the right to approve any offer/proposals below the Reserve Price at its own discretion. All Offer/proposal (even if it is below Reserve Price) placed by the bidder will remain valid for a period of next 4 (four) Working Days even after closing of the Service Period.
- IBL can approve the offer / proposal below the Reserve Price within this period of said (4 Working Days) after the closing of Service Period. In such cases, an approved offer/proposal (though lower than the Reserve Price) by IBL may be considered as Sale at IBL’s sole discretion and the said Bidder (who's offer/proposal is so approved by the IBL) shall be liable to make the payment for the purchase of the Asset, at the price of approved offer / proposal.
- Bids once placed cannot be withdrawn for any reasons by the Bidder unless it is specifically approved by IBL. If the customer intends to withdraw the bid, then in such case, he shall immediately within 2 hours of bidding shall inform IBL regarding his intention to withdraw the bid and if the same is approved by IBL, the same can be withdrawn by the Bidder.
- The Bids that are neither withdrawn (after approval from IBL) nor rejected by IBL, shall remain “active” for a period of 15 days from the auction end time and thereafter becomes inactive unless the Bank declare such Bidder as winner.
- Delivery of Asset:
- The Asset will be delivered by IBL to the Successful Bidder only after payment of entire bid price and other charges, such as parking, taxes etc., and also after submission/execution of the necessary documents by the Successful Bidder such as KYC documents, deeds, indemnity bonds, undertaking letters etc.
- If the Asset could not be delivered by IBL due to the reasons, such as damage to the Asset or sabotage or demurrage or theft or wrongful displacement of the Asset or its Parts or seized or confiscated by the Authority or prohibited by an order of a court / authority or return of Asset back to its Original Owner or if the dues are paid by the Borrowers of IBL and the Asset is returned to him, then in such event/s, IBL shall refund the entire bid price amount without any interest or penalty to the Bidder.
iii) The winner of the Bid shall within15 days of issuance of sale letter by the Bank shall take
delivery of the Vehicle / Asset from IBL’s approved yards. In case of failure/delay in taking delivery of the vehicle within the stipulated time, additional time extension may be considered by the Bank at the request of the Winner for taking delivery of the vehicle/asset upon remitting the charges and expenses that may be applicable towards the parking and maintenance of the said vehicle/asset.
- Non-payment or Failure to Collect Asset: If the Winning Bidder does not take delivery of the Asset, as per this T&C contained herein, IBL may at its absolute discretion: (a) charge 5% (Five Percent) of the purchase price or pro rata thereof as demurrage charges per month; (b) proceed against the Winning Bidder for damages for breach of contract; (c) resell the Vehicles or cause it to be resold through another Sale or otherwise and the defaulting Winning Bidder shall pay to IBL any loss resulting in deficiency in the purchase price (after deduction of any part payment and addition of resale costs and charges) and any surplus shall belong to IBL. (d) reject or ignore any offer/ proposals made by or on behalf of the defaulting Winning Bidder at any future transactions or obtain a deposit from the Winning Bidder before accepting any offer/ proposals in future; and (e) be entitled to forfeit any amount paid by said Winning Bidder to IBL as a deposit to participate in auction / sale in form of Refundable Security Deposit (RSD), Bank Guarantee, others etc.
- Limitation of Liability: The features and services on the Platform are provided on an "AS IS WHERE IS" and "AS AVAILABLE" basis, and IBL hereby expressly disclaims any and all warranties, express or implied, including but not limited to any warranties of condition, quality, durability, performance, accuracy, reliability, merchantability or fitness for a particular purpose and all such warranties, representations, conditions, undertakings and terms are hereby excluded.
- IBL makes no representations or warranties about the validity, accuracy, correctness, reliability, quality, stability or completeness of any information provided on or through the Platform.
- IBL does not represent or warrant that the manufacture, importation, distribution, durability, offer, display, purchase, sale and/or use of Asset offered or displayed on the Platform for auction / sale and that display of Asset/details does not violate any third party rights; and IBL makes no representations or warranties of any kind concerning any Asset offered or displayed on the Platform.
- Any material downloaded or otherwise obtained through the Platform is done at User's sole discretion and risk and User is solely responsible for any damage to its computer system or loss of data that may result from the download of any such material.
- No advice or information, whether oral or written, obtained by any User from or through or from the Platform shall create any warranty not expressly stated herein.
- Under no circumstances shall IBL be held liable for any delay or failure or disruption of the content or services (including e-mail & SMS notifications related to the Services) delivered through the Platform resulting directly or indirectly from acts of nature, forces or causes beyond its reasonable control, including without limitation, internet failures, servicing, updating, computer, telecommunications or any other equipment failures, electrical power failures, strikes, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, Acts of God, war, governmental actions, pandemic/epidemic, orders of domestic or foreign courts or tribunals or non-performance of third parties.
- User hereby agrees to indemnify and save IBL, its affiliates, directors, officers and employees harmless, from any and all losses, claims, liabilities (including legal costs on a full indemnity basis) which may arise from such
- User's use of the Platform (including but not limited to the display of such User's information on the Platform) or from its breach of any of the terms and conditions
- User's breach of any representations and warranties made by User to IBL
- for any third party claims, IBL shall not be liable for any special, direct, indirect, punitive, incidental or consequential damages or any damages whatsoever (including but not limited to damages for loss of profits or savings, business interruption, loss of information), whether in contract, negligence, tort, strict liability or otherwise or any other damages resulting from any of the following:
- the use or the inability to use the Platform (whether due to disruption, limited access, changes to or termination of any features on the Platform or otherwise) for any interruption, delays, errors or omissions with respect to any communications or transmission, or any damage (direct, indirect, consequential or otherwise) arising from the use of or inability to use the Platform;
- any defect in goods, samples, data, information, Asset purchased from a User through the Platform;
- violation of Third Party Rights or claims or demands that Users' manufacture, importation, distribution, offer, display, purchase, Sale and/or use of Asset offered or displayed on the Platform may violate or may be asserted to violate Third Party Rights; or claims by any party that they are entitled to defence or indemnification in relation to assertions of rights, demands or claims by Third Party Rights claimants;
- Unauthorized access by third parties to data or private information of any User;
- Statements or conduct of any User of the Platform; or
- the quality of Asset, content, information, or other material purchased or obtained from the Platform will meet User expectations or requirements;
- Authenticity, availability, suitability, reliability, accuracy of the information, software, Asset, services, etc.;
- damage/loss caused to the buyers due to wrong details provided by the IBL.
- User/Bidder states that he intends to bid for Vehicle(s) / Asset(s) / Equipment(s) (hereinafter referred to as “Asset” and Asset include multiple Assets) auctioned by / from IBL, successfully. Bidder states and declare that he thoroughly inspected all the Asset for its wear and tear, Engine Number, Chassis Number and the mutilation of the Chassis Number etc., and he has given his bids for Asset in “as is where is condition” after he has fully satisfied with the condition of the Asset. Bidder agrees and undertakes to pay any GST (if any, as applicable) levied by IBL over and above the bid price.
- Bidder states that he may be selling the vehicle to any third party purchaser with or without refurbishing the vehicle in due course of his personal requirements / business.
- Bidder further confirm that he has collected all requisite documents, NOC, release letter, RTO forms to enable name transfer in the name of the Bidder himself or in the name of the prospective purchaser and for removal of IBL’s hypothecation mark. Bidder acknowledges the receipt of insurance certificate (expired or otherwise, covering own damage / third party risks or only for third party risks), and invoice copy evidencing the purchase of the Asset as may be relevant, as available with the Bank. Bidder certifies that the entire bid value was paid by him out of his own funds and he declares further that neither he represents any group of bidders / purchasers nor he is involved in any cartel formation, which works against the interests of IBL.
- Bidder declares that all the road tax, permit tax, traffic violation penalties, any other tax dues and arrears etc., if any accrued / levied and payable with respect to the Asset purchased by him are within his knowledge and the Bidder understands its financial impact etc., and quoted / paid the bid amount to IBL considering such liabilities (present and future) payable by him to any authority / Government etc. Bidder further agrees, undertakes and confirms that during the time of usage of the Vehicle/Asset, if any demand is raised for payment of MV Tax, fines / penalties by any authority/department, if any suit / action / claim is filed by a Third Party seeking demurrages / compensation caused due to accident or otherwise or if any complaint is lodged on account of any unlawful activities done involving the above Vehicle/Asset, then in all such cases, Bidder shall be liable for the same and without involving IBL, he shall pay / compensate and defend all such claims / complaints raised in respect of the above Vehicle/Asset and keep the Bank indemnified at all times.
- Bidder states that he shall be solely responsible for the Asset from the date of its purchase / delivery from IBL and he undertakes to take necessary steps to transfer the Asset in his name or in the name of the prospective purchaser, as the case may be with the concerned Registering Authority (RTO/RTA/DTO) at his own costs and do other legal compliances as required under Motor Vehicle Act, 1988 and Central Motor Vehicle Rules, 1989 and any other laws in force, without involving IBL. Bidder shall also make necessary arrangement to transfer the insurance in his name or in the name of prospective purchaser and shall ensure to cover the vehicle with proper insurance at all times. Bidder hereby undertakes to comply with above requirements and all other statutory requirements regarding transfer of the ownership of Asset in his favour or in favour of the prospective purchaser within 45 days’ from the date of sale of the Asset.
- Bidder hereby undertakes that he will not handover physical possession of the Asset or will not ply/use the Asset without transfer of the name in RTO/RTA/DTO records in favour the prospective purchaser. At any point in time, if the Asset is being plied by him or by the prospective purchaser without transferring the name in RTO/RTA/DTO records or without a valid insurance, then he notes that he only shall be held responsible for all the risks and liability associated thereto. Bidder also undertakes not to use the Asset for any illegal or immoral purposes against the laws of India during the period in which the Asset was whilst in his custody and till such time, proper name transfer has been effected and the hypothecations charge in favour of IBL is removed.
- Bidder assures and declares that he shall be maintaining adequate measures evidencing sale of every Asset purchased from the Bank and such that all sale done by him are with proper legal consideration and represent valid sale transactions backed up by proper audit trail and clear / correct documentation and that the Bidder would be solely responsible for all loss, penalty, claims etc., arising out of his own acts or deeds and he shall keep IBL indemnified at all times against all losses and costs.
- Bidder further undertakes that if the Asset was whilst in his custody and formally yet to be name transferred and hypothecations charge in favour of IBL has been removed or has been destroyed or has been rendered permanently incapable of use, converted as a scrap or moved out of jurisdiction of India, he shall, within 14 days of such incidence, report the same to the concerned Registering Authority as enumerated under Motor Vehicle Act read with Central Motor Vehicle Rules or any other law in force in India.
- Bidder states that due to some issues, if registration of Vehicle/Asset could not be name transferred in his favour or in favour of the prospective purchaser, he may return the said Vehicle/Asset to IBL in the presence of its Employee / Representative and take proper acknowledgement for the same within 30 days from the date of taking delivery of the Asset. Bidder assures that if he intended to return the Vehicle/Asset to IBL, it should be in the same condition, as it was delivered to him. In case, if IBL found any damages to the Vehicle/Asset and if any parts found missing and replaced, then in all such cases, Bidder shall compensate IBL in full for repairing the said damages caused or replacing the said parts with new ones.
- Bidder further states and declares that immediately upon taking delivery of the vehicle during the time of his usage of the above vehicle/asset and till the name change is effected in the RTO documents, he agrees to indemnify and keep IBL, its Directors, Employees, Agents, indemnified against all losses, claims damages, costs, fees including any Tax arrears, fines, penalties, demurrages (whether levied now and in future) by any department / authority or any un-notified complaints against the Vehicle/Asset or insurance claims, damages, losses, costs, expenses, attorney fees, claims before Motor Accident Claims Tribunal and all other sums of money, which IBL may require to pay, suffer or incur, due to any claims made in future in respect of the Vehicle/Asset and also against all or any demands, actions, proceedings that may be filed, taken or instituted against IBL due to his negligence, by any person/Authority either on law or equity of whatsoever nature it may be. The indemnity provided above by the Bidder shall be to the extent of Rs.10 lacs (For Two-wheeler Bidders) / Rs.20 lacs (For Three-wheeler / SCV Bidders) / Rs.40 lacs (For Cars and Tractor Bidders) / Rs.50 lacs (For LCV / MCV / HCV / Construction Equipment Bidders) and cover all Asset purchased by him from IBL through any e-auction site / platform (or) by way of open market bidding process and for any other Asset purchased by the Bidder vide Offline action / sale / quotes.
- Bidder also agree and undertake to provide indemnity of such kind to IBL every financial year for the Vehicle / Asset purchased by the Bidder, as it is difficult for him to provide independent indemnity for each Asset from time to time. The above mentioned indemnity sum shall not include and applicable for the dispute arising out of accident claims filed before Motor Accident Claims Tribunal.
- Bidder hereby confirms that this undertaking-cum-indemnity made herein is voluntary, unconditional and irrevocable and it shall be binding on him, his successors, his assigns and administrators etc., and in the event of any such claim made against IBL towards litigation, cost or damages expenses etc., Bidder shall indemnify and make good the loss so suffered by IBL immediately upon receipt of the demand from IBL without any demur or protest.
- Disclaimer of Warranties and Liability: All the contents of this Platform are only for general information or use. They do not constitute advice and should not be relied upon in making (or refraining from making) any decision.
42. Disclaimer on E-mail sent by IBL: The e-mails along with files/ attachments/ embedded URLs and
links/ hyper-links and audio/ video links etc, may contain confidential and/or privileged information and intended solely for the use of the individual or entity to whom they are addressed. If the recipient is not the intended person (or have received this e-mail in error) he shall notify the sender (IndusInd Bank Limited) and simultaneously disregard the contents therein, immediately delete/ destroy the e-mail on a permanent basis. Any unauthorized copying, disclosure, or distribution of the material in the e-mail, in soft or physical form, or any other manner is strictly forbidden and may be unlawful. Also, the recipient may note that taking any action in reliance on the contents of the information is strictly prohibited.
Please note that any views or opinions presented in the Email are solely those of the sender and do not necessarily represent those of IndusInd Bank Ltd., therefore, the Bank does not own any liability for the damage caused by the contents of the e-mail. The Bank has put effort into ensuring that the message is error-free and virus-free. However, E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. IndusInd Bank, therefore, does not accept liability for any errors or omissions, the damage inflicted in the contents of this message, which arise by any virus transmitted or by viewing contents of the email as a result of e-mail transmission. Hence It is recommended to scan the attachment (at the recipient end too) before launching. IndusInd Bank disclaims all warranties, representation, guarantees, and statements whether expressed or implied of all the contents of the e-mail other than those that are specifically agreed in this e-mail.
- Data Protection: IBL may send information and offer products and services to User from time to time. Notwithstanding the foregoing, we reserve the right to disclose any information in response to / that it is required to be shared, disclosed or made available to any governmental, administrative, regulatory or judicial authority under any law or regulation applicable to IBL. Further, we may (and User authorize us to) disclose User name, street address, city, state, zip code, country, phone number, email, and company name to law enforcing agencies in our sole discretion or in case appropriate in connection with an investigation of fraud, intellectual property infringement, piracy, or other unlawful activity.
All notices or demands to shall be effective if in writing and shall be duly made when sent to IBL in the following manner:
To : IndusInd Bank Limited
Address : New No. 34, G.N. Chetty Road, T. Nagar, Chennai – 600017
Email ID :
All notices or demands to or upon a User shall be effective if either delivered personally, sent by courier, certified mail, or email to the last-known address or email address provided by the User to IBL, or by posting such notice or demand on an area of the Platform that is publicly accessible. Notice to a User shall be deemed to be received by such User if and when: (a) IBL is able to demonstrate that communication, whether in physical or electronic form, has been sent to such User, or (b) immediately upon IBL's posting such notice on an area of the Platform that is publicly accessible.
- EXECUTION OF ELECTRONIC / DIGITALIZED DOCUMENTS
- User hereby agree, understand and acknowledge that this T&C and connected documents, if any in electronic / digitalized form are verified and confirmed by the User through an OTP (One-Time Password) and/or e-link sent to his declared/registered mobile number and/or his registered e-mail ID or any other accepted mode of verification in use, from time to time.
- User agrees and undertakes that he will not question the authenticity of this T&C and other documents and the consent given by him in e-form, in future for want of any physical signature and/or acceptance.
- User shall be using the Platform in accordance with this T&C, entirely at his own risk and consequences as per Information Technology regulations. User undertakes that on clicking on "I Agree or Agree", it shall be construed that the User has duly read, understood and confirmed the acceptance / execution of this T&C and connected documents and he shall not raise any dispute or protest in relation to the same, in future.
- User further note and agree that he has used his Aadhaar and/or PAN credentials and vide URL Link received in his Registered Mobile Number (RMN) or e-mail, voluntarily and without any force or coercion and / or misrepresentation and after thorough reading, understanding and comprehension, all the clauses of the T&C. Any subsequent changes made to / in his validation credentials viz., Address (including e-mail) / Mobile Number etc., and shall not adversely impact the digital execution of the T&C as done herein. User also note that IBL has no control over the URL link being forwarded (once received in a designated / Registered Mobile Number or e-mail) and thus agree to keep IBL indemnified of any/all risks of whatsoever nature arising out of / during the execution of T&C by any other third party.
- User understands and acknowledges that internet is not necessarily a secure means of transmission of data. User acknowledges and accepts that such transmission methods involve the risk of possible virus attacks, unauthorized interception of data, alteration of data, unauthorized usage for whatever purposes. User agrees to hold IBL free and harmless from all losses, costs, damages, expenses that may be incurred by the User due to any errors, delays or problems in transmission or unauthorized / illegal interception, alteration, manipulation of electronic data, virus attacks / transmission to the User’s system otherwise caused by using internet. However, the User is desirous of participating in the bidding and provide instructions ("Instructions") to IBL through e-mail and/or online mode for various matters under the T&C including in relation to the bidding and the operation of the User Account thereof.
- IBL shall be entitled (without being bound to do so) to rely upon the Instructions provided through e-mail (and believe the same to be genuine), for any of their requirements. In case of any question as to what were the Instructions provided or received, the records of the e-mail received by IBL from the User shall be final. User shall ensure that the Instructions given through e-mail to IBL is given by him or by a person duly authorised in this behalf ("Authorised Person") and IBL shall not be responsible for conducting any verification in this regard, of whatsoever nature.
- IBL may from time to time make changes updates to this terms and conditions or e auction versions for online bidding services. Any changes will be posted on our website and User shall check revised terms on our website before proceeding with any transaction. If the User uses the online bidding after changes have been made and posted, the User shall be deemed to have agreed to such changes. If the User do not agree to such changes, the User shall refrain himself from using the online bidding services thereafter.
- If any provision herein is held to be invalid or unenforceable, such provision shall be struck down and the remaining provisions shall be enforced.
- The user is not entitled to assign any of its rights or obligations under this terms and conditions to any third party without IBL’s prior written consent.
- Headings are for reference purposes only and in no way define, limit, construe or describe the scope or extent of such section. IBL's failure to enforce any right or failure to act with respect to any breach by a User of this T&C will not waive that right nor waives IBL's right to act with respect with subsequent or similar breaches.
- All disputes, claims or differences arising between the Parties to this agreement during its subsistence or thereafter, shall be referred to and settled through arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996 or any statutory amendments thereof. The dispute/s shall be resolved by a Sole Arbitrator, nominated by the Bank. The seat, venue and place of the Arbitration shall be at Chennai and the arbitral procedure shall be conducted in the English language and any award or awards shall be rendered in English. The award, including interim award/s of the Arbitrator shall be final and binding on all Parties concerned. The Arbitrator shall give reasons for the award including interim award/s. The cost of the arbitration shall be equally borne by the Parties. It is a term of this agreement that in the event of such an Arbitrator to whom the matter has been originally referred, resigns or dies or being unable to act for any reason, the Bank shall, as per the above sub-clause (i), appoint another person to act as Sole Arbitrator and such a person shall be entitled to proceed with the reference from the stage at which it was left by his predecessor.
- Any dispute in respect of the Platform shall be governed by the laws of India without regard to its conflict of law provisions. The parties to this Agreement hereby submit to the exclusive jurisdiction of the courts of Chennai.
- User and IBL agree that any cause of action arising out of or related to the IBL's web Platforms, must commence within Six Months from the cause of action otherwise, such cause of action will be permanently barred.
- All terms used in singular shall unless the context requires otherwise, include plural and a reference to one gender shall include all genders and reference to persons will include bodies corporate and unincorporated and vice versa.
- The expressions and meaning contained in “The General Clauses Act, 1897” shall apply wherever the terms and expressions are not specifically defined herein for the purpose of interpretation and / or for giving effect to.
This document is an electronic record is subject to and in terms of Information Technology Act, 2000 and rules there under as applicable and the amended provisions pertaining to electronic records in various statutes as amended by the Information Technology Act, 2000. This electronic record is generated by a computer system and does not require any physical or digital signatures.