1. There is no need for permission to sell individual assets. If you sell your own properties and pay off the debt then the action of the bank would be averted.

2. So arrange your private resources and inform the court that you have arranged money and is ready to clear the loan. Once the court is convinced it will grant stay and allow you to make the payments.

3. In this manner only the auction would be stopped.

4. Unless you come up with prima facie evidence of having money and genuine willingness to make the payment you can not stop auction.

Your wife has no locus in the proceeding.

Rather give the money to the borrower and let him offer the same to clear the debt.

Once that is done the auction would be stopped.

1) make an offer to the bank under OTS scheme

2) along with said offer enclose cheque for 20 per cent down payment

3) offer to pay balance amount in EMI instalments

4) seek stay of auction till bank decides on your offer

5) in OTS scheme request bank to permit sale of collateral security and sale proceeds being deposited in the DRT which can be adjusted against bank dues

If you are aggrieved by the DRT's decision and feel that there is an error in the DRT's decision, you may prefer an appeal before DRAT.

The highest bidder will be allotted with the property being bid, hence bank cannot allot the property to the lowest bidder.

The bank would go for e-auction, you may quote your bidding amount to acquire the property.

It would not be proper for bank to receive money for one property alone to release it and auction other properties for recovery of the loan amount.

If you find any irregularity or biased attitude of the bank authorities in recovering the amount or auctioning the property, you may bring this to the knowledge of the top management of the bank.