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:
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.