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

 

 

 

 

1. Registered User: 

9. 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1. Usage of Platform: 

9. 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.

 

 

 

 

 

 

1. Usage Restrictions: User shall not do or assist, permit or enable others to, do any of the following:
   1. 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;
   2. copy, transfer, assign, sublicense, modify, alter, or create derivative works of any part of the Services or any of IBL’s Intellectual Property etc.;
   3. remove any copyright notices or proprietary materials from the Platform;
   4. 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;
   5. 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.;
   6. use the Services in competition with IBL, to develop competing products or services, or otherwise to detrimental or commercial disadvantage to IBL;
   7. use the Services for benchmarking or competitive analysis of the Services;
   8. 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;
   9. share passwords or authentication credentials for the Services;
   10. User may never use another User's, User Account without permission.
   11. 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.

 

 

1. Assets: 

9. 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.,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1. Representations and Warranties: User hereby represents, warrants and agrees to:
   1. provide IBL with true, accurate, current and complete information to be displayed on the Platform (including personal information).
   2. maintain and promptly amend all information to keep it true, accurate, current and complete.
   3. 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;
   4. 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.

 

1. While using the Platform, User represents, warrants and agrees not to:
   1. 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;
   2. Take any action that may undermine the feedback or rating systems;
   3. Transfer User account (including feedback) and User ID to another party without our consent;
   4. Distribute viruses or any other technologies that may harm IBL’s interests or property;
   5. Copy or modify or distribute content from the Platform and IBL copyrights and trademarks; or
   6. Harvest or otherwise collect information about other users, including contact details etc.

 

 

 

 

 

 

 

 

 

1. violates any of the T&C or any laws, regulations or public policy;
2. failed to make payments after successful bid due to any reason, whatsoever; 
3. inability to be contacted by IBL; 
4. non-provisioning of the payment details to IBL, as per stipulated terms and conditions of IBL; 
5. 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.; 
6. IBL believes that the User's actions may cause financial loss or legal liability to IBL or its affiliates, directors, employees, etc.; 
7. User misused the Platform in any manner detrimental to the IBL’s interest;
8. 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); 
9. is criminally convicted / accused under any Act or set on bail or otherwise.
10. 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.;
11. 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;
12. not used the facility for more than 90 days
13. for such other reasons as IBL may deem fit.

 

 

 

 

1. Disclosure by IBL: 
   1. 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.

 

 

 

 

 

 

 

 

 

 

 

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.  

 

 

 

 

 

22. In order to purchase the Asset:
    1. A Bidder must meet or exceed the Reserve Price and
    2. 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. 

 

 

 

 

 

 

1. Delivery of Asset: 
   1. 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.
   2. 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. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1. 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; 
2. any defect in goods, samples, data, information, Asset purchased from a User through the Platform; 
3. 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; 
4. Unauthorized access by third parties to data or private information of any User; 
5. Statements or conduct of any User of the Platform; or
6. the quality of Asset, content, information, or other material purchased or obtained from the Platform will meet User expectations or requirements; 
7. Authenticity, availability, suitability, reliability, accuracy of the information, software, Asset, services, etc.; 
8. damage/loss caused to the buyers due to wrong details provided by the IBL. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

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

Representative              :

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.

 

 

1. EXECUTION OF ELECTRONIC / DIGITALIZED DOCUMENTS

9. 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. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

This document is published in accordance with the provisions of Rule 3 (1) of the Information Technology (Intermediaries guidelines) Rules, 2011 that require publishing the rules and regulations, privacy policy and user agreement for access or usage of www. ___________ (Platform).