Frequently Asked Questions
For registration, the user opens the registration form and verifies key details — such as email address and phone number. After successful verification, the user proceeds with the eKYC process, and once it is completed, the registration process is finalized.
Reserve price is the minimum price set by the bank for the asset. Bidding starts at or above this price. The asset cannot be sold for less than the reserve price.EMD is a refundable deposit paid by bidders to participate in an auction.
To participate in an auction:
Pay EMD – Submit the refundable Earnest Money Deposit.
Accept Terms – Read and agree to the auction terms and conditions.
Select Mode – Choose to bid as an individual or in a group.
Join Bidding Hall – Enter the live auction and place bids in real time.
Physical Possession: The bank already has direct, physical control of the property.
Symbolic Possession: The bank has taken possession legally (via notice) but may not yet have actual physical control of the property.
When a bidder wins an auction, the Earnest Money Deposit (EMD) is remitted to the bank’s account. This amount is then adjusted against the final payment for the property
All Members Must Be Registered – Each group member must have an active account on the platform.
OTP Verification – Other members need to verify their participation using an OTP sent to their registered contact details.
Supporting Document – A valid supporting document (e.g., group authorization letter or agreement) must be uploaded to confirm group participation.
If a bidder is unsuccessful in an auction, their (EMD) is automatically refunded to their e-Wallet on the platform. The refunded amount can be used for future auctions or can be withdrawn.
Log in to the portal, go to eWallet from the navigation bar, and click Add Funds. You can add money using:
Online Transfer
Challan
EMD verification is done by an authorized person before you can start bidding on a DRT property. If your EMD is not verified, you will not be allowed to place a bid.
Go to Property/Auction in the navigation bar and click Search Property/Auction. Open the property/auction you want, then click the heart icon next to the property name. You will get subscribed to the emails automatically.
If you are not logged in, you will be asked to log in or register first.
After logging in, go to Property in the navigation bar and select Manage Mail Preference → Add. Fill in your preferences and click Submit. Your email alert preference will be created.
No. Individuals cannot participate in ARC property auctions. Also, ARC users can bid only in ARC property auctions.
Yes. You can inspect the property before participating. Date and time for inspection of property is mentioned in the auction notice. Also, you can contact the dealing officer— contact details are available in the auction details.
Increment Price: The minimum amount by which each new bid must be higher than the previous bid.
Increment Price during Extension: The minimum increase allowed during the extended auction time.
Extend Time When Valid Bid Received in Last(In Minutes): If a valid bid is received during the last minutes mentioned in the auction notice the auction will be extended automatically.
Extend Time By (In Minutes): The number of minutes by which the auction is extended when a last minute valid bid is placed.
Yes, a loan may be available only if that property is eligible. Terms & conditions apply.
After you win, you will receive an intimation letter. Then, you need to contact the bank for the next steps.
No. eWallet balance cannot be transferred to another user.
You can reach Support by:
Email: support.baanknet@psballiance.com
Toll-free: +91 82912 20220
An Asset Reconstruction Company (ARC) auction is a competitive bidding process where banks and financial institutions sell their Non-Performing Assets (NPAs) or "bad loans" to specialized ARCs. Only bidders registered under ARC are eligible to participate in ARC auctions.
A Debt Recovery Tribunal (DRT) is a specialized, quasi-judicial body in India established under the Recovery of Debts and Bankruptcy Act (RDB Act), 1993, designed to provide fast-track adjudication and recovery of debts owed to banks and financial institutions.
What is Type of Action
In property auctions, the "Type of Action" refers to the legal mechanism and procedural method used to sell a property. These actions are designed to liquidate assets, and are governed by specific laws such as the SARFAESI Act in India.
NCLT Order Assets are the properties, funds, and rights of a corporate debtor managed by the National Company Law Tribunal during insolvency, liquidation, or restructuring. These assets are sold to pay creditors as part of the Liquidation Estate.
High Court Order Assets refer to:
1. Financial asset declarations made by High Court judges to ensure transparency, and
2. Disclosures of assets, income, and liabilities by judgment debtors (defaulters) via affidavit to help execute court orders.
H1 bid price refers to the Highest Bid (Rank 1) placed for a property at any given point in time
An e-wallet is a secure digital wallet on your smartphone or computer that stores payment information (credit/debit cards, bank details) for fast, cashless transactions, online purchases, and contactless in-store payments.
No, EMD cannot be paid offline. It can only be paid through the eWallet.
BAANKNET is a website where banks list properties/assets for auction. If you want to see auctions and place bids in bank auctions, register on BAANKNET.
IBBI is a government organization for insolvency and bankruptcy in India. If your bidding is part of an insolvency/bankruptcy case process, register under IBBI.
No, not automatically. BAANKNET and IBBI registrations are separate. If you bid in both types, you may need both registrations.
No. BAANKNET Wallet and IBBI Wallet are separate. Money added in one wallet cannot be used on the other platform.