Sale of Property under SARFAESI. Sale Notice And Terms & Conditions

Transcription

1 Sale of Property under SARFAESI Sale Notice And Terms & Conditions

2 India SME Asset Reconstruction Company Limited (CIN: U67190MH2008PLC181062) 1004, 10 th Floor, Naman Centre, Plot No.C-31, G Block, Bandra Kurla Complex, Bandra (East), Mumbai Phone: , Fax: isarc@isarc.in, Website: REF. ADVERTISEMENT ISSUED ON FREE PRESS JOURNAL (ENGLISH) AND NAVSHAKTI (MARATHI) & HOSTED ON THE WEBSITE OF INDIA SME ASSET RECONSTRUCTION COMPANY LIMITED IN RESPECT OF DISPOSAL OF SECURED ASSET IN THE ACCOUNT OF B R PETROCHEM PVT LTD Tender-cum-auction Document IN RESPECT OF DISPOSAL OF SECURED ASSET IN THE ACCOUNT OF B R PETROCHEM PVT LTD SUBMISSION OF TENDER Date of release of advertisement : Last date/time for submission of : / 5.00 pm TENDERS Schedule of opening of TENDERS & : / am Auction Venue for opening of TENDERS : India SME Asset Reconstruction Company Ltd 1004, 10 th Floor, Naman Centre, Plot No. C -31, G Block, Bandra Kurla Complex, Bandra (East), Mumbai Contact details of officials : Mr. P. R. Savisesh, Chief Manager, Contact no: Mr. Ashwin Newalkar, Assistant Manager, Contact no This Tender-cum-auction Document consists of the following: A. Official copy of the advertisement B. Terms and conditions C. Miscellaneous Terms & Conditions D. Deed of Indemnity

3 India SME Asset Reconstruction Company Limited (CIN: U67190MH2008PLC181062) 1004, 10th Floor, Naman Centre, Plot no.c-31, G Block, Bandra Kurla Complex, Bandra (East), Mumbai Phone: , Fax: isarc@isarc.in, Website: Acting in its capacity as Trustee of ISARC- Canara Bank-I/ Trust setup in respect of financial assets pertaining to B R Petrochem Pvt. Ltd. SALE NOTICE Notice is hereby given to the effect that the secured asset described herein, taken possession under the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI) and read with 8 & 9 Security Interest (Enforcement) Rules 2002, shall be sold by inviting tenders: Name of the Borrower B R Petrochem Pvt Ltd. Name of the Guarantors & mortgagors 1. Shri Bhagwan D Rathod, 2. Shri Bharat B Rathod, 3. Smt Godawari B Rathod, 4. Shri Ismail Halwadwala Details of the dues Amount aggregating Rs. 14,51,10,445.33/- (Rupees Fourteen Crore Fifty One Lakh Ten Thousand Four Hundred Forty Five and Paise Thirty Three Only) as on together with further interest, incidental expenses, costs, charges, etc. thereon. Details of the property Commercial Office at 202 and 203, Second floor, Ready / asset to be sold Money Premises Co-Operative Ltd., 167, Dr. Annie Basant LOT I Road, Worli Naka, Mumbai admeasuring carpet area of about 460 Sq. ft and Built up area is 552 sq. ft. LOT II Flat nos.505 and 506, 5th Floor, C Wing, Shiv Sagar Estate, Poonam Property C.H.S. Ltd., Dr Annie Besant Road, Worli, Mumbai admeasuring carpet area of about 1,255 Sq. ft and built up area is 1,506 Sq. ft. Date of possession u/s September 27, (4) Type of possession Symbolic possession u/s 13(4) Reserve Price LOT I Rs lakh LOT II Rs lakh Earnest Money Deposit LOT I Rs lakh (EMD) LOT II Rs lakh

4 Particulars of known encumbrances/ issues ISARC is selling the secured asset in auction on As is where is and what is there is and non recourse basis. The intending bidder shall ascertain on their own responsibility all information, technical data, market study, litigations, disputes etc. including actual conditions, extent, etc. The intending bidders before submitting their tenders should satisfy themselves from the appropriate authorities about the right/title duty and dues payable to them in respect of the property in question including all other covenants running with the property, as later on, no objection of any kind shall be entertained in this regard by ISARC. Last date, Time and Place for submission of bid Date, Time & place of auction Tender Forms Details of the dealing officials Date: 30/08/2016 Place: Mumbai The details of the encumbrances are given as per records available with ISARC. ISARC shall not be liable for payment of any of the known & unknown encumbrances / dues. By October 3, 2016 upto 5.00 pm At India SME Asset Reconstruction Company Limited, 1004, 10 th Floor, Naman Centre, Plot No.C-31, G Block, Bandra Kurla Complex, Bandra (East), Mumbai Ph.No On October 4, 2016 from am onward At India SME Asset Reconstruction Company Limited, 1004, 10 th Floor, Naman Centre, Plot No. C -31, G Block, Bandra Kurla Complex, Bandra (East), Mumbai Ph.No Tender document can be obtained from office of ISARC, 1004 at 10 th Floor, Naman Centre, Plot no. C-31, G Block, Bandra Kurla Complex, Mumbai Phone no Shri P. R. Savisesh, Chief Manager, ISARC Ph. No Shri. Ashwin Newalkar, Assistant Manager, ISARC, Ph. No Sd/- Authorized Officer, For: ISARC- Canara Bank-I/ Trust

5 (B) Terms and conditions of Sale 1 Bids invited for property The intending bidder may make a bid for secured asset as specifically mentioned in the sale notice. 2 Reserve Price LOT I Rs lakh LOT II Rs lakh 3 Earnest Money LOT I Rs lakh Deposit (EMD) LOT II Rs lakh 4 Basis As is where is and what is there is and non recourse basis 5 Last date for By October 3, 2016 upto 5.00 p.m. submission of tenders At India SME Asset Reconstruction Company Limited, 1004, 10 th Floor, Naman Centre, Plot No. C -31, G Block, Bandra Kurla Complex,Bandra (East), Mumbai , Ph.No How to submit the tenders Interested parties may participate in auction by sending / submitting their bid for purchasing the said assets, in sealed cover super scribed as Bid for purchase of secured asset of B R Petrochem Pvt Ltd - LOT ". The tenders can be submitted up to 5:00 pm on or before the last date of submission of tenders as mentioned herein above. 7 Mode of payment of By way of Demand Draft (DD) / Pay Order (PO) drawn in favor of EMD ISARC-Canara Bank-I/ Trust, payable at Mumbai. (Photocopies shall not be accepted). No other mode of payment shall be accepted. 8 Refund of EMD Within 7 working days of opening of tenders. The tenderers will not be entitled to claim any interest for any reason whatsoever. 9 Adjustment of EMD The successful bidder should pay 25% of the bid amount (inclusive of EMD) immediately on sale being knocked in bidder s favor and the balance amount within 15 days without giving any further notice by ISARC. Amount of EMD and/or 25% of the bid amount shall be forfeited on failure to pay the amount as mentioned above. In case of default, the secured asset shall be resold and the defaulting purchaser shall not have any claim. Extension in time for payment due to unavoidable circumstances shall be allowed at the sole discretion of ISARC. 10 Forfeiture of EMD For bidders not complying with the terms and conditions specified in the Tender-cum-auction Documents, the EMD amount shall be forfeited. 11 Rejection of tenders / Bids Tenders not received in the prescribed tender form or incomplete in any respect or unsigned or not accompanied by DD/PO for the requisite EMD are liable to be summarily rejected at the sole discretion of ISARC.

6 12 Type of bid and manner of payment The purchaser shall pay immediately a deposit of 25% (inclusive of EMD) by way of a Demand Draft/Pay Order, of the amount of sale price to the authorized officer conducting the sale. The balance amount of the purchase price payable shall be paid by the purchaser within 15 days without giving any further notice by ISARC or as may be decided by authorized officer of ISARC. In the event of default of the payment within the period mentioned above, the deposit shall be forfeited and the property be resold and the defaulting purchaser shall forfeit all claim to the property or to any part of the sum for which it may be subsequently sold. Except the payment towards EMD, balance payment can be made through RTGS, to the account as under : Name of the Account ISARC-Canara Bank-I/ Trust Account No Name of the Bank and IDBI Bank, Chembur Branch,Mumbai Branch IFSC Code IBKL Presence of bidders Bidders through their authorized representatives will be allowed to remain present at the time of opening of tenders subject to submitting authority letters & valid proof of identity 14 Selection of best bid Shall be decided by Authorised Officer (AO) / Asset Disposal Committee (ADC) of ISARC. 15 Liability of the purchaser, if any. All charges for conveyance, stamp duty, transfer fee (premium fee) and registration charges/expenses, etc., as applicable shall be borne by the successful bidder only. The arrears of Municipal Tax, Property Tax, Betterment Levy, if any should be paid by the purchaser in respect of above said properties after confirmation of sale in his/ her/ their favour. ISARC does not undertake any responsibility to procure any permission/ license, etc. in respect of the properties/assets offered for sale or for settlement of any dues whatsoever in respect of the said property/assets. ISARC does not undertake any responsibility for demarcation/ physical possession of the said property. All statutory/ non statutory dues, taxes, rates, charges and fees owing to anyone, if any, shall be the responsibility of the prospective buyer. ISARC does not undertake any responsibility for payment of the dues of electricity & property taxes or any other known / unknown encumbrances and payment of the same shall be responsibility of prospective buyer. The Bidder shall satisfy himself/ themselves about the right and title of the Secured Assets after ascertaining from the concerned Registration Offices and other authorities. ISARC will not entertain any claim as regards to the right/title to the Secured Asset. The Bidder(s) shall accept the tenure of the land area as it actually exists on the date of confirmation of sale and ISARC shall not be bound to compensate him in respect of difference in tenure or in

7 the area or to incur the costs of ascertaining the correct area or tenure thereof or such other expenses in connection therewith. Bidder shall: (i) obtain necessary permission under the respective Land Ceiling Act from the competent authority; (ii) obtain water, electricity, telephone connection and all other necessary amenities required by them at their cost (iii) obtain all other necessary permission/quotas, if any, as may be required, at their own cost and consequences; and (iv) compliance of all statutory, local, government and semi- government approvals as required. All the intended Bidder(s) desirous of submitting tender for the purchase of the above properties are to satisfy themselves about the conditions of title, evidence, etc. of the property. Objection in the title and mistake that may afterwards appear to have been made in the description of the property or any other error in the particulars of the same shall not be held to annul the sale or entitle the Bidder to any compensation in respect thereof and shall be deemed to have purchased the property after conducting comprehensive due diligence. Any Tender made shall be deemed to have been submitted after complete satisfaction of title thereto and or all claims there against and due proper inspection of the secured asset and hence the Bidder(s) shall not be entitled to make any representation or raise any query/ objection vis-à-vis ISARC or any of its officials or agents as to the title or condition of the Secured Assets. The information in respect of the said Secured Asset, including the description have been stated to the best of the knowledge of ISARC or any of its officials or agents who however, shall not be responsible for any error, misstatement or omission in the said particulars. The Bidder(s) shall be deemed to purchase the property with full knowledge of and subject to all the reservations, if any, in the Master Plan and/or Development Plan or Draft Development Plan or town schemes or layout plan in Building Proposal department or any other layout plans by whatever name called, affecting the said property and consent, including permission of the competent Authority and/or under the provision of the Urban Land (Ceiling and Regulation Act), if any, required from the concerned authorities. Removal of encroachments and/or unauthorized tenants/constructions, if any, on the secured asset as also resolution of the pending litigation including any title dispute if any in respect of the Secured Asset shall be the sole responsibility of the Successful Bidder(s) and ISARC/ its officials/ its agents have not undertaken does not undertake any responsibility in this regard. The sale will be on AS IS WHERE IS AND WHAT IS THERE IS AND NON-RECOURSE BASIS. ISARC does not provide any guarantee and/or warranty in respect of the secured asset. The Principle of Caveat Emptor is applicable. Any mistake in the notice inviting tender shall not vitiate the sale.

8 16 Negotiation with bidders for improvement in bid ISARC reserves its right and shall have discretion to negotiate with the bidders after opening of tenders and to also allow inter-se bidding after getting the highest bid for improvement in the bids and to accept or to reject any or all bids without assigning any reasons whatsoever. Inter-se bidding is allowed in the multiples of Rs 1,00,000/-. 17 Disputes / Litigations In case of disputes in tender/auction, the decision of AO of ISARC shall be final and binding on all and any litigation shall be subject to jurisdiction of Mumbai 18 Miscellaneous 1. Tenders with conditional bid will be treated as invalid. 2. Correspondence about any change / modification in the bid after submission of tender will not be entertained. 3. If any tenderer wishes to give a fresh bid for a property before the last date prescribed for submission of the tender in the concerned advertisement, he may file a fresh tender with appropriate Earnest Money Deposit. (C) Miscellaneous Terms and conditions of auction 1. The property shall be sold in "AS IS WHERE IS AND WHAT IS THERE IS AND NON-RECOURSE BASIS condition, including encumbrances, if any. 2. The interested purchaser(s) shall themselves satisfy about the right and title of the property from the concerned authorities and no claim shall be entertained by the AO/ISARC in this regard after the auction. 3. AO reserves the right to postpone/ cancel or vary the terms and conditions of auction without assigning any reason thereof. 4. No offers / bids below reserve price shall be entertained. 5. The auction will be conducted under the supervision of the AO/ADC of ISARC. 6. ISARC would first go for the tender process and thereafter, if decided by AO/ADC of ISARC, the inter-se bidding/auction would be held. ISARC may at its discretion undertake the aforesaid process. 7. The bid can be submitted in the auction either by the prospective buyer/ their Nominee himself in the appropriate tender form as enclosed in the Tender document or by the representative of the purchaser duly authorized along with proper authority letter and acceptable KYC documents. For further details please contact on Phone No between 10 am and 5 pm on all working days.

9 (D) DEED OF INDEMNITY (Stamp duty for deed of Indemnity shall vary state wise) (This forms part of the terms and conditions of invitations and sale) This DEED OF INDEMNITY executed at on this day of By and (Hereinafter referred to as the Purchaser, which expression shall include its successors and assigns). In favour of: The India SME Asset Reconstruction Company Limited, is a Company incorporated under the Companies Act,1956 and Registered as Securitization and Asset Reconstruction Company pursuant to Section 3 of SARFAESI and having its office at 1004, 10 th Floor, Naman Centre, Plot No.C-31, G Block, Bandra Kurla Complex, Bandra (East), Mumbai which is hereinafter referred to as the ISARC which expression shall, unless it be repugnant to the subject or context thereof, includes its successors and assigns and whether acting as such in respect of financial assets pertaining to B R Petrochem Pvt Ltd. (Borrower) A. Whereas ISARC, has pursuant to the measures taken under Section 13 (4) of the Securitization Act taken possession of the secured assets of the Borrower being the defaulter. B. Whereas the Authorized Officer confirmed offer on behalf of ISARC in favour of and subject to terms and conditions contained in the Sale Certificate. C. Whereas as covenants of the documents of terms and conditions of sale ( DTIS ) and sale certificate state that The adjudication of stamp duty, payment of stamp duty, registration charges, (as applicable), unrecovered transfer charges, if any, and all other incidental costs, charges and expenses in connection with sale of the aforesaid asset shall be borne by the Purchaser. Non-payment of stamp duty under prevailing laws, rules, and regulations notifications shall entail ISARC to take such steps to repossess the secured assets and put up the same for sale under applicable law. D. Whereas the documents of terms and conditions of sale and sale certificate further state that the said asset are being sold on AS IS WHERE IS AND WHAT IS THERE IS AND NON- RECOURSE BASIS. Further, ISARC does not accept / undertake any responsibility for, nor shall the sale proceeds be subject to any pending / outstanding statutory dues and any other dues such as water / electricity / services charges, transfer fees, dues of the Municipal Corporation / local authority dues, tax or any other duties, levies by whatever name it is called including interest, etc if any. The Secured Asset is being sold with all known and unknown encumbrances. Further, all liabilities, dues of authorities and departments, statutory or otherwise, any other dues, if any, in respect of the Secured Asset and if payable in law/ attachable to the Secured Asset / sale proceeds by reason of the proposed sale of the Secured Asset, shall be the sole responsibility and to the account of the Purchaser. In pursuance thereof, the Purchaser indemnifies ISARC to save harmless ISARC from any and all liability incurred by ISARC on account of any suits, claims, (including any expenses incurred by ISARC for the enforcements of this indemnity) which ISARC shall suffer as a result of any failure on the part of the Purchaser to meet and clear any pending / outstanding statutory

10 dues and any other dues such as water / electricity / service charges, transfer fees, dues of the Municipal Corporation / local authority dues, tax or any other dues or any other duties, levies by whatever name it is called including interest, etc of any and dues or any claim made by any person in respect of such liabilities, encumbrances and dues. ISARC has accepted the offer upon execution of the following indemnity. NOW THIS DEED WITNESSETH AS FOLLOWS: In consideration of the secured asset, the Purchaser viz and their successors, nominees, heirs as stated above hereby unconditionally, absolutely and irrevocably agree to indemnify and keep ISARC indemnified and save harmless, against any and all losses, damages, liabilities. Suits, claims, counterclaims, actions, penalties, expenses (including attorney s fees and court costs and any expenses incurred by ISARC for the enforcement of this indemnity), which ISARC shall suffer as a result of any failure on the part of the Purchaser to meet and clear any such liabilities, encumbrances and dues as mentioned in the recital s above more specifically C, D, or any claim made by any person, entity, firm. In respect of such liabilities, encumbrances and dues as mentioned above. And it is declared that this indemnity is without prejudice to and is in addition to any other rights of ISARC. IN WITNESS whereof the Purchaser has put their hands on the day and year first hereinabove written. Signed and delivered by: Purchaser Address: Place: Date: