Rules and Regulations

Pahwa & Co. Online Timed Auction Platform

Pahwa & Co. provides an online platform for timed auctions of assets on behalf of various sellers. The following Rules and Regulations govern all auctions conducted on this platform. By registering or participating in an auction, all bidders agree to abide by these terms, as well as any specific conditions listed for individual auctions.

Registration and Participation

Bidder Eligibility: All participants must register with Pahwa & Co. prior to bidding. Registration requires providing accurate personal or business details and any required identification documents (e.g., government-issued ID for individuals or registration certificates for companies). Participants must be at least 18 years old and legally capable of entering into a contract.

Account and Security: Each registered bidder will receive a unique account/login. Bidders are responsible for maintaining the confidentiality of their login credentials. Any bid placed through a bidder’s account will be deemed to have been placed by the registered bidder.

Acceptance of Terms: By registering on the platform, bidders acknowledge these Rules and Regulations and agree to abide by them. Pahwa & Co. reserves the right to approve or reject a registration application at its discretion. Misrepresentation of identity or any other fraudulent information during registration can lead to suspension or barring from the platform.

Membership Fees (if applicable): Pahwa & Co. may charge a membership or registration fee as a condition for participating in certain auctions or for bidding on a higher number of assets. Any such fees and their applicability will be clearly communicated on the platform.

Inspection and Asset Condition

“As Is, Where Is” Sale: All assets are sold on an “As Is, Where Is” and “No Complaint” basis. This means that the assets are offered in their present condition and location, with all faults and imperfections, if any. Neither Pahwa & Co. nor the seller provides any warranty or guarantee on the condition, fitness, or quality of the items.

Inspection Responsibility: Bidders are strongly encouraged to inspect the assets prior to bidding. Inspection details (dates, times, and locations) will be provided in the auction catalogue or notice. By placing a bid, the bidder confirms that they are satisfied with the condition and completeness of the item and that they understand that all sales are final. No complaints or claims regarding the quality, make, or condition of the assets will be entertained after the auction.

Description Accuracy: Any descriptions, photographs, or specifications of assets provided by the seller or Pahwa & Co. are for guidance purposes only. While efforts are made to provide accurate information, Pahwa & Co. and the seller do not guarantee the accuracy or completeness of such information. The bidder should rely on their own examination and judgment. No adjustment or cancellation of the sale will be allowed for inaccuracies in the provided information.

Earnest Money Deposit (EMD) Requirements

EMD Deposit: To participate in an auction, bidders may be required to deposit an Earnest Money Deposit (EMD) or security deposit as specified in the auction terms. The amount and deadline for EMD will be indicated in the auction catalogue or notice. This deposit is a refundable security intended to ensure sincere bidding.

Payment of EMD: EMD must be paid in the manner specified (typically via online bank transfer or demand draft) into the designated account before the auction begins. Only bidders who have paid the required EMD by the deadline will be authorized to bid.

Refund of EMD: EMDs of unsuccessful bidders will be refunded. The refund is usually processed within a specified number of working days (e.g., 5 working days) after the auction’s close or after the bidder submits an EMD refund request through the platform, as applicable. No interest is paid on EMD refunds.

EMD for Successful Bidder: The EMD of the winning bidder will be treated as per the auction-specific terms. In general, the EMD can be adjusted against the final purchase price or retained as a security until full payment and pickup is completed. If the winning bidder fails to comply with the payment or pickup terms (see Default and Forfeiture below), the entire EMD amount will be forfeited as a penalty.

Bidding Process

Timed Auction Format: Auctions on the Pahwa & Co. platform are timed online auctions. Each auction lot will have a specified closing time. Bidders may place bids at any time before the lot closes.

Auto-Extension (“Soft Close”): To ensure fair opportunity for all, the platform may employ an auto-extension feature. If a bid is placed within the final minutes of the auction’s scheduled closing time, the closing time for that lot may automatically extend by a short duration (e.g., 3 or 5 minutes, as specified for the event). This process can repeat until no further bids are received within the final extension period, at which point the auction will close.

Bid Increments: Bidding will progress in predetermined minimum increment values. The platform will indicate the minimum raise amount required for each new bid. Bidders must adhere to these increments; any bid not conforming to the set increment may be adjusted to the next valid increment automatically by the system.

Binding Offers: Every bid placed is a firm, binding offer to purchase the asset at that price. Once submitted, bids cannot be retracted or canceled by the bidder. The highest valid bid at the time of auction closing (subject to any reserve price and seller’s confirmation) will be considered the winning bid.

Reserve Price: Some lots may carry a confidential minimum reserve price. Pahwa & Co. or the seller is not obligated to sell the asset unless the reserve price is met. If the highest bid at closing does not meet the reserve, the seller may choose not to approve the sale of that lot.

Bidder Responsibility: Bidders are responsible for ensuring they have a reliable internet connection and are logged into the platform when bidding. It is advisable not to wait until the very last seconds to place a bid. Pahwa & Co. will not be responsible for bids that fail to register or be recorded due to technical issues, network delays, or any other glitches at the bidder’s end. The platform’s server logs and records shall be final in resolving any dispute about bid timings or sequence.

Anti-Sniping and Fair Play: Bidders shall not attempt to disrupt the auction or engage in any practices that artificially influence the bidding (such as collusion with other bidders or bidding under multiple aliases). Any such behavior detected can lead to immediate disqualification, forfeiture of deposits, and potential banning from future auctions.

Payment and Settlement

Confirmation of Sale: The highest bidder (hereafter referred to as the “Buyer”) for each lot will typically receive a confirmation from Pahwa & Co. via email or through the platform after the auction closes. In some cases, especially when a reserve price is involved or the seller’s approval is needed, final confirmation of the sale may be subject to the seller’s consent. Pahwa & Co. will inform the highest bidder of the acceptance or rejection of their bid within a reasonable timeframe (as specified in the auction terms, e.g., within a few working days).

Payment Timeline: Once a sale is confirmed, the Buyer must pay the full invoice amount (winning bid price plus any applicable taxes and fees) within the timeframe specified in the auction’s terms and the invoice (commonly within 3 to 5 calendar days from confirmation, unless stated otherwise). Timely payment is of the essence.

Payment Method: All payments must be made through electronic bank transfers (such as NEFT/RTGS/IMPS) or other approved non-cash methods to the account designated in the invoice or auction terms. Cash payments are not accepted. The details for payment (account name, number, IFSC, etc.) will be provided by Pahwa & Co. or the seller in the invoice. The Buyer should notify Pahwa & Co./seller and upload payment proof on the platform (if required) once the payment is remitted.

Taxes and Duties: The Buyer is responsible for all taxes, duties, and statutory levies applicable to the sale. This typically includes Goods and Services Tax (GST) and Tax Collected at Source (TCS) at prevailing rates, and it may also include any local levies or customs duties depending on the item and jurisdiction. Taxes will be calculated on the bid/ sale value as per law and indicated in the invoice. If any tax exemption or concession is claimed by the Buyer, appropriate documentation must be provided, but the Buyer remains liable if such exemption is not recognized by the authorities.

Buyer’s Premium/Fees: If the auction carries a buyer’s premium or any auction service fee (for example, a percentage of the bid price or a fixed per-lot fee), it will be clearly mentioned in the auction terms. The Buyer must pay any such fees in addition to the bid price.

Non-Payment: Failure to pay the full amount within the stipulated time will be considered a breach of contract. In such cases, Pahwa & Co. and the seller reserve the right to cancel the sale and invoke remedies under Default and Forfeiture provisions (including forfeiting the EMD or any payments made by the Buyer). The asset may then be offered to the next highest bidder or put up for re-auction, at the discretion of the seller.

Removal of Purchased Items (Delivery/Pick-Up)

Collection Timeline: After full payment is received and confirmed, the Buyer must collect or take delivery of the purchased assets within the period specified in the auction terms (e.g., within 7 to 15 days from the date of payment/confirmation, as applicable). The exact allowed removal period will be communicated in the auction details or invoice. It is the Buyer’s responsibility to coordinate with the seller or the designated contact person to schedule the pickup.

Removal Process: The Buyer is responsible for all aspects of removing and transporting the purchased assets. This includes arranging for labor, handling equipment, transport vehicles, and any required dismantling. The Buyer must adhere to the schedule and instructions provided by the seller or site manager for removal. Removal must take place during the seller’s normal business hours or designated pickup times, and only after the Buyer has obtained a gate pass or necessary clearance if required.

Identification and Authorization: The Buyer (or their authorized representative) must present proper identification and proof of purchase when arriving to collect the items. If a third-party logistics provider or agent is collecting on behalf of the Buyer, the Buyer must provide a letter of authority along with copies of relevant IDs. The seller or site security may refuse release of assets if the person attempting pickup cannot prove authorization from the Buyer.

Condition of Site and Safety: Buyers and their agents must comply with all safety rules and regulations at the pickup location. This includes wearing required personal protective equipment (PPE) if the site conditions demand (for example, helmets, safety shoes, etc.) and following any instructions regarding site entry. The Buyer shall ensure that removal of the assets is done without damage to the seller’s property or premises. Any damage caused by the removal process shall be made good by the Buyer at their expense.

Costs and Logistics: All costs associated with loading, handling, and transporting the assets are the responsibility of the Buyer. Neither Pahwa & Co. nor the seller will provide equipment or labor for removal (unless explicitly stated otherwise in the auction terms). Buyers should come prepared with the necessary manpower and equipment to load heavy or bulky items. For vehicle auctions, the Buyer should arrange for necessary towing or transport if the vehicles are not in running condition.

Late Pickup and Storage: If the Buyer fails to remove the assets within the stipulated free pickup period, the seller reserves the right to charge storage fees or demurrage for the delay. Such fees (if applicable and specified in auction terms, e.g., a per-day charge) must be paid by the Buyer before the assets are released. In addition, if the delay extends beyond a reasonable period, the seller may treat it as a default and cancel the sale, forfeiting the Buyer’s payments/EMD (refer to Default and Forfeiture).

No Liability for Uncollected Goods: Once the sale is confirmed and the payment deadline has passed, the risk and responsibility for the asset pass to the Buyer, even if the item remains at the seller’s premises awaiting pickup. Neither Pahwa & Co. nor the seller will be liable for any loss, theft, or damage to the assets after the allotted pickup period. Buyers are therefore advised to remove their purchases promptly or insure them if they must be left longer (with seller’s consent).

Default and Forfeiture

Buyer Default: A Buyer will be considered in default if they fail to comply with any of the obligations post-auction. This includes failure to pay the full purchase price within the stipulated time, failure to submit required documents or information, or failure to pick up the assets within the given timeframe.

Consequence of Default – Forfeiture: In the event of a default by the Buyer, any deposits or payments made by the Buyer (including EMD, any part-payments, and any buyer’s premium or fees) shall be forfeited. The forfeited amount will be retained as liquidated damages to compensate the seller and Pahwa & Co. for the time and costs of the failed transaction. The Buyer will have no claim on the asset thereafter, and the seller will be free to resell or dispose of the asset at their discretion.

Cancellation of Sale: Pahwa & Co. and/or the seller reserve the right to cancel the sale of a lot if the Buyer defaults. Upon such cancellation due to Buyer’s default, Pahwa & Co. may offer the asset to the next highest bidder or re-auction it, but is not obligated to do so. The defaulting Buyer shall have no right to any difference in price if the asset is subsequently sold for a higher amount. Conversely, if re-sale yields a lower price or additional costs, the defaulting Buyer may be liable to compensate the difference or costs, at the discretion of the seller (subject to legal provisions).

Barring from Future Auctions: Buyers who default on their obligations may be barred from participating in any future auctions on the Pahwa & Co. platform. Pahwa & Co. maintains a blacklist of defaulters and reserves the right to deny registration or bidding privileges to such parties in the future.

Partial Payments: In cases where the Buyer has made a partial payment but failed to complete full payment by the deadline, that partial payment will also be subject to forfeiture. No partial or proportional title to the assets is transferred until full payment is received; thus, making a part payment and not completing it will not entitle the Buyer to any of the assets or a refund of the partial amount.

Non-Compliance with Pickup Rules: If a Buyer, after making full payment, fails to adhere to pickup rules (for example, causing significant damage during removal, or not following safety protocols, or excessively delaying the removal), it will be treated as a breach of terms. The seller/Pahwa & Co. may cancel the sale in such scenario and the consequences of default (forfeiture, etc.) will apply. The Buyer would then have no claim on the assets despite payment, apart from possibly reclaiming the asset value minus any damages or costs, at the sole discretion of the seller.

Rights and Discretion of Auctioneer/Seller

Right to Accept or Reject Bids: The highest bid received is not automatically binding on the seller. Sellers retain the right to accept or reject any bid, including the highest bid, without assigning any reason. Participation in the auction constitutes acknowledgment of this right. No bidder shall have any claim or recourse if the seller chooses not to sell to the highest bidder or cancels an auction.

Withdrawal of Lots: Pahwa & Co. and the seller reserve the right to withdraw any lot from the auction at any time before its sale is declared, without prior notice or reason. This can happen even after bids have been placed, in which case any bids on that lot are treated as canceled. If an entire auction needs to be canceled due to unforeseen circumstances (legal issues, significant listing errors, etc.), Pahwa & Co. will make an announcement and any EMD or payments received for that auction will be returned to bidders (without interest) as applicable.

Extension or Rescheduling: Pahwa & Co. may at its discretion extend, suspend, or reschedule an auction in progress in case of technical problems with the platform or any other situations that warrant such action (e.g., a major outage, natural disaster, etc.). Participants will be notified via the platform and/or email in such cases. Similarly, Pahwa & Co. can choose to advance or extend bidding deadlines if circumstances require, or switch an auction from a timed-online format to a different format (like a live outcry or sealed tender) before it begins, with due notice to participants.

Reserve Price and Seller’s Consent: As noted, many auctions are subject to a reserve price. Sellers (or Pahwa & Co. on the seller’s behalf) may also set starting prices. Pahwa & Co. will not disclose reserve prices to bidders. If the reserve price is not met, the seller has the discretion to either accept the highest bid at a lower price, negotiate with the highest bidder for a better price, or refuse the sale altogether. The seller’s decision in this regard is final.

Regulatory Approvals: For certain assets (such as immovable property or regulated items), the sale might require approval from courts, banks, or government authorities. Even after the auction, the final sale may be contingent upon obtaining such approvals. Pahwa & Co. and the seller reserve the right to cancel the sale if required approvals are not obtained, in which case the Buyer’s payments will be refunded without interest and without any other compensation (the Buyer will not be entitled to claim damages for such cancellation).

Platform Modifications: Pahwa & Co. reserves the right to improve, modify, or correct any details on the auction platform at any time, including correction of any errors in lot listings, descriptions, or terms. If any such corrections are made, especially those that could impact bidding (like a description error in quantity or specifications), Pahwa & Co. will endeavor to notify all registered bidders for that auction via email or an announcement on the platform. Bidders are responsible for reviewing any updated information and bid accordingly.

No Offline Bids: All bids must be placed through the Pahwa & Co. online platform. Pahwa & Co. will generally not accept bids submitted via phone, email, or any means outside the platform during the auction. In exceptional cases (such as technical failure of the platform), Pahwa & Co. may devise an alternate method to collect bids, but such measures (if any) will be communicated explicitly. Participants should not rely on any means of bidding other than the official platform interface.

Collusion and Good Faith: Bidders and sellers must conduct themselves in good faith. Any form of collusion, bid rigging, or manipulation of the auction process is strictly prohibited. If Pahwa & Co. detects or suspects that any bidder(s) and/or seller have manipulated the bidding (for example, a seller bidding on their own item, or bidders coordinating to keep prices low), Pahwa & Co. may cancel the affected lots, ban the involved parties, and take other appropriate action.

Confidentiality and Privacy

Bidder Information: Pahwa & Co. values the privacy of its participants. Personal and business information provided during registration (such as names, addresses, contact details, and document IDs) will be kept confidential and used only for the purposes of conducting the auction and fulfilling legal requirements. Such information may be shared with the seller of a particular auction lot strictly on a need-to-know basis (for example, to arrange site access for inspection or pickup, or to issue invoices and transfer documents).

Non-Disclosure of Identities: The identities of bidders will not be disclosed to other participants during the auction. The platform may display anonymized bidder IDs or numbers when showing the current highest bid, but no personally identifying information of bidders is visible publicly. After the auction, Pahwa & Co. and the seller will also refrain from disclosing the identity of the buyers or the prices to any third parties, except as required by law or with the consent of the parties involved. Auction results might be published in summary (e.g., “sold” or “unsold” status for lots, or aggregate statistics), but without revealing personal details.

Marketing and Communication: By registering, bidders agree that Pahwa & Co. can contact them via email, SMS, or phone with information regarding the auctions they participate in, as well as future auction opportunities or related services. However, Pahwa & Co. will provide an option to opt-out of marketing communications if requested. The contact information will not be sold or distributed to unrelated third parties for marketing.

Data Security: Pahwa & Co. implements standard security measures to protect user data on its platform. However, users are also expected to practice safe usage – for instance, logging out after a session, not sharing passwords, and using trusted devices to bid. Pahwa & Co. will not be liable for any loss or unauthorized bidding resulting from a user’s failure to keep their account credentials secure.

Limitation of Liability

Platform’s Role: Pahwa & Co.’s role in the auction is strictly that of an intermediary providing an online platform to facilitate transactions between sellers and buyers. Pahwa & Co. is not the owner of the assets being sold (unless explicitly stated for a particular auction) and does not assume any responsibility for the title, quality, or functionality of those assets beyond what is stated by the seller.

No Warranty: Pahwa & Co. makes no representation or warranty, express or implied, regarding the operation of the auction platform or the information, content, materials, or products included on the site. All information on the platform is provided on an “as is” basis. Pahwa & Co. disclaims all warranties, including but not limited to the implied warranties of merchantability and fitness for a particular purpose, to the fullest extent permissible by law.

Technical Issues: Pahwa & Co. will endeavor to maintain a reliable and accessible auction system. However, it shall not be liable for any interruption in service, errors, defects, lost data, or delays on the platform or any associated communication channels (emails, notifications, etc.), whether due to technical glitches, internet bandwidth issues, server downtime, power failures, or acts of God. Bidders agree that they are bidding at their own risk and that the platform is provided on a best-effort basis. In the event of a major technical failure during an auction, Pahwa & Co.’s liability is limited to possibly rescheduling the affected auction; Pahwa & Co. shall not be responsible for any costs or damages incurred by bidders or sellers due to such technical issues.

Indirect or Consequential Damages: Under no circumstances shall Pahwa & Co. or the seller be liable for any indirect, consequential, incidental, special, or punitive damages arising out of or related to the auction or usage of the platform. This includes, without limitation, loss of profits, opportunity, business, or data, even if informed of the possibility of such damages. The maximum liability of Pahwa & Co., for any reason and upon any cause of action, shall be limited to the amount of fees (if any) paid by the claimant to Pahwa & Co. in connection with the particular auction in question.

Disputes Between Parties: Any disputes or disagreements that arise between a seller and a buyer as a result of the auction (for example, regarding the condition of the item or execution of the removal) shall be resolved between the seller and buyer to the extent possible. Pahwa & Co. will try to facilitate an amicable resolution if approached, but it bears no liability or obligation to arbitrate or resolve such disputes. The involvement of Pahwa & Co. does not make it a party to the contract of sale between the seller and buyer; that contract is directly between those parties once a sale is confirmed.

Force Majeure: Pahwa & Co. shall not be liable for any failure or delay in performance of its obligations (such as conducting or concluding an auction) if such failure or delay is caused by events beyond its reasonable control, including but not limited to natural disasters, acts of terrorism, network or telecommunications failures, government restrictions, or other force majeure events. In such cases, Pahwa & Co. reserves the right to cancel, postpone, or extend the auction as necessary.

Governing Law and Dispute Resolution

Applicable Law: These Rules and Regulations and any transactions conducted on the Pahwa & Co. auction platform are governed by and construed in accordance with the laws of India.

Jurisdiction: All disputes arising out of or in relation to auctions conducted by Pahwa & Co. shall be subject to the exclusive jurisdiction of the courts situated in New Delhi, India (or the appropriate jurisdiction where Pahwa & Co. is registered/business is located). By participating in the auction, bidders and sellers consent to this jurisdiction.

Dispute Resolution: In the event of any dispute, claim, or controversy between a bidder and Pahwa & Co., or a seller and Pahwa & Co., arising out of these terms or the use of the platform, the parties shall first attempt to resolve the matter amicably through discussions and negotiations. If an amicable settlement cannot be reached within a reasonable time, the dispute may be referred to mediation or arbitration if both parties mutually agree, or otherwise be resolved through legal action in the competent courts as mentioned above.

Legal Compliance: All parties (bidders and sellers) using the platform are responsible for ensuring that their actions are in compliance with applicable laws. If any provision of these Rules and Regulations is found to be unlawful or unenforceable by a court of law, that provision shall be deemed severable and will not affect the validity and enforceability of the remaining provisions.

Acceptance of Rules

By participating in any auction on the Pahwa & Co. platform, the bidder (and the seller, where applicable) acknowledges that they have read, understood, and agreed to these Rules and Regulations. These terms may be updated or revised by Pahwa & Co. from time to time, and it is the participants’ responsibility to review them periodically. The version of the Rules and Regulations in effect at the time of auction participation will govern the respective auction.

This document is intended to provide a clear and plain guidance of the rules governing Pahwa & Co.’s online auctions. It should be read in conjunction with any auction-specific terms or notices. In case of any conflict between this general document and the specific terms provided for a particular auction, the specific terms for that auction shall prevail to the extent of that auction.