TERMS OF AUCTION CANCELLATION
Whereas the main issue in this case is whether the auction can be canceled for the following reasons:
1. the auction price is much lower than the mortgage value;
2. the auction price is much lower than the value of the collateral object;
3. the auction winner is an employee of the auction applicant.
Whereas the Supreme Court is of the opinion that in the event of fraud or an auction has been carried out carelessly and not in accordance with applicable regulations, the auction can be canceled through a lawsuit filed with the District Court.
Decision of the Supreme Court of the Republic of Indonesia No. 112 K/Pdt/1997, April 20, 1999.
Source: Legal Explanation Regarding Cancellation of Agreement, Authors: Elly Erawati and Herlien Budiono, page 93.
Best regards,
Fredrik J. Pinakunary