When Can a Lawsuit for Cancellation of the Tender Be Filed?
A lawsuit for cancellation of the tender must be filed within 7 days of the tender date by submitting a complaint. The exception to this is if the circumstances leading to the cancellation of the tender 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 circumstance causing the cancellation of the tender is 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 applies in all cases, the right to complain will be lost. Furthermore, in cases of tender cancellation, the enforcement court must hold a hearing within 20 days.
When Must the Tender Price Be Paid?
As a rule, the tender price must be paid immediately. However, if the circumstances specified in the relevant law occur, the enforcement officer may grant a maximum of 10 days for the tender price to be paid.
What Happens if the Auction Price is Not Paid?
Even if a complaint is filed requesting the cancellation of the auction, the sale price must be paid immediately or, as specified in Article 130 of the Enforcement and Bankruptcy Law, within the period granted by the enforcement officer to the buyer, not exceeding 10 days. If the payment related to the auction is not made by the buyer, the enforcement director must, in accordance with Article 133 of the Enforcement and Bankruptcy Law, give the second highest bidder after the auction buyer a period of time to make an offer and put the immovable property up for auction for 7 days, and after the expiration of this period, revoke the auction decision.
If the Auction Cancellation Lawsuit is not filed within how many days, the auction becomes final?
There is a 7-day period from the date of the auction to file a complaint requesting the cancellation of the auction. If the cancellation of the auction is not requested within this period, the auction will become final.
Which court hears the auction cancellation lawsuit?
Enforcement Courts are responsible for auction cancellation lawsuits. However, if the immovable property is sold by public auction through the dissolution of the partnership, the competent court will be the Civil Court of Peace. The competent court is the Enforcement Court located where the enforcement office conducting the public auction is located.
What Happens When the Auction Cancellation Lawsuit Results in a Decision to Cancel the Auction?
If the auction is annulled following the auction annulment lawsuit and this decision becomes final, the buyer’s ownership rights over the movable and immovable property sold are terminated. 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 re-conducted, and the post-auction sale among the parties concerned is completed.
What Happens if the Auction Cancellation Lawsuit is Rejected?
If a decision is made to reject the auction cancellation lawsuit, the party making the unjust claim is fined 10% of the auction price. If the reason for the foreclosure auction of the immovable property is housing financing, the fine is increased to 20%.
When Does the Decision in the Auction Cancellation Case Become Final?
The decision regarding the cancellation is notified to both parties. If the parties do not appeal the decision within 10 days of notification, the decision will become final.
