When Can a Tender Cancellation Lawsuit Be Filed?
A tender cancellation lawsuit must be filed within 7 days of the tender date through a complaint. The exception to this is if the circumstances leading to the tender’s cancellation are learned of later. In this case, the cancellation of the tender may be requested through a complaint within 7 days from the date on which the circumstances leading to the cancellation of the tender were learned. However, in any case, the request for cancellation of the tender must be made within 1 year. If the cancellation of the tender is not requested within this 1-year period, which is valid in all cases, the right to complain is lost. Furthermore, in auction cancellation lawsuits, the enforcement court must hold a hearing within 20 days.
When Should the Auction Price Be Paid?
As a rule, the auction price is paid immediately. However, if the circumstances specified in the relevant law occur, the enforcement officer may grant a maximum of 10 days for the payment of the auction price.
What Happens if the Auction Price is Not Paid?
Even if a complaint is filed requesting the cancellation of the auction, the sale price shall be paid immediately or within the period specified in Article 130 of the Enforcement and Bankruptcy Law, within the period given by the enforcement officer to the buyer, which shall not exceed ten days. If the payment related to the auction is not made by the buyer, the enforcement director, in accordance with Article 133 of the Enforcement and Bankruptcy Law, gives the highest bidder after the auction buyer a period of time to make an offer in accordance with Article 134 of the Enforcement and Bankruptcy Law, and at the end of this period, withdraws the auction decision.
If the auction cancellation lawsuit is not filed within how many days, the auction becomes final?
A 7-day period is available from the auction date to file a complaint for the cancellation of the auction. If the cancellation of the auction is not requested within this period, the auction shall be deemed final.
Which court hears auction cancellation cases?
Auction cancellation lawsuits are heard by enforcement courts. However, if the immovable property is sold by auction through the dissolution of the partnership, the competent court is the Civil Court of Peace. The competent court is the enforcement court located where the enforcement directorate conducting the auction is located.
What Happens When the Auction Cancellation Lawsuit Results in the Cancellation of the Auction?
If the auction is canceled as a result of the auction cancellation lawsuit and this decision becomes final, the buyer’s property rights over the sold movable and immovable property cease. In this case, the purchase price paid by the buyer is refunded with interest. Subsequently, the sale of the movable and immovable property subject to the auction is conducted again, and the post-auction sale is completed between the relevant parties.
What Happens if the Auction Cancellation Lawsuit is Rejected?
If the auction cancellation lawsuit is rejected, the party making the unjust claim is fined 10% of the auction price. If the reason for the sale of the immovable property by way of seizure is housing finance, the fine is increased to 20%.
When Does the Decision in an Auction Cancellation Lawsuit Become Final?
The cancellation decision is notified to both parties. If the parties do not appeal the decision within 10 days of the notification date, the decision becomes final.