Indian Overseas Bank Asset Recovery Management Branch 11/952 Cross Cut Road Gandhipuram Coimbatore 641 012 Phone No.: 0422 2497178 E-mail- iob1551@iob.in E-AUCTION SALE NOTICE SALE OF IMMOVABLE PROPERTY MORTGAGED TO THE BANK UNDER THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 Whereas M/s. Hi-Tech Mineral Industries Covai Pvt. Ltd, represented by Mr. Ranjith Chander, Managing Director, Swathi Courts, 112-B, Kattoor Street, Pappanaickenpalayam, Coimbatore 641 037 (presently under liquidation and represented by the Official Liquidator) has borrowed monies from Indian Overseas Bank against the mortgage of the immovable properties more fully described in the schedule hereunder and upon classification of the account as NPA, the Bank has issued a demand notice under Section 13(2) of the SARFAESI Act, 2002 on 21.02.2014 calling upon the borrower M/s. Hi-Tech Mineral Industries Covai Pvt. Ltd, represented by the Managing Director, Swathi Courts, 112-B, Kattoor Street, Pappanaickenpalayam, Coimbatore 641 037 and the guarantors 1. Mr. Ranjith Chander, Swathi Courts, 112-B, Kattoor Street, Pappanaickenpalayam, Coimbatore 641 037, 2. Mrs. Mallika, 3. Mrs. Kamalam (Since deceased) all residing at 4-1, RNP Co-operative Colony, Uppilipalayam, Coimbatore 641 045, 4. P. Ganesh, S/o Palanisamy, 1/38-A, Vinayakar koil Street, Opp. Mullai Nagar, Maruthamalai Road, P N Pudur Post, Coimbatore 641 041, 5. M/s. Hi Tech Trades and Consultants Private Limited, 6. M/s. Hi Tech Electrothermics Private Limited, Swathi Courts, 112 B, Katoor Street, Pappanaickenpalayam Coimbatore 641 037, 7.M/s. Yuktha Wind Farm Private Limited, Swathi Courts, 112-B, Kattoor Street, Pappanaickenpalayam, Coimbatore 641 037, to pay the amount due to the Bank, being Rs.216,63,91,070.59/- (Two Hundred and Sixteen Crores Sixty Three Lakhs Ninety One Thousand Seventy and Ps. Fifty Nine only) as on 21.02.2014 payable together with further interest at contractual rates and rests along
2 with costs, charges etc., till date of repayment within 60 days from the date of receipt of the said notice. Whereas the borrowers / mortgagors / guarantors having failed to pay the amount/ dues in full to the Bank as called for in the said demand notice, the Bank has taken possession of the secured assets more fully described in the schedule hereunder on 21.05.2014 under Section 13 (4) of the Act with the right to sell the same in As is where is and As is what is basis under Section13(4) of the Act read with Rules 8 & 9 of the Security interest (Enforcement) Rules, 2002 for realization of Bank s dues. The dues to the bank as on the date of taking possession was intimated as Rs.216,63,91,070.59/- (Two Hundred and Sixteen Crores Sixty Three Lakhs Ninety One Thousand Seventy and Ps. Fifty Nine only) as on 21.02.2014 payable together with further interest at contractual rates and rests along with costs, charges etc., till date of repayment, after reckoning repayments, if any, since the date mentioned in the demand notice. The dues of the borrowers / mortgagors / guarantors as on 11.06.2018 works out to Rs. 398,14,63,266/- (Rupees Three Hundred Ninety Eight Crores Fourteen Lakhs Sixty Three Thousand Two Hundred and Sixty Six only) after reckoning repayments, if any, subsequent to the Bank issuing demand notice. The undersigned in exercise of the powers conferred under Sec 13(4) of the said Act proposes to realize the Bank s dues by sale of the under mentioned properties. DESCRIPTION OF THE PROPERTIES Schedule of Secured Assets / Properties Belonging to M/s. Hi-Tech Mineral Industries Covai Pvt. Ltd. [Under Liquidation] LAND & BUILDING: In Salem District, in Omalur Taluk, in Chellapillai Kuttai Village, in S.F.No. 40/2B measuring 0.23 acres, S.F.No. 40/3B measuring 0.69 acres, S.F.No. 40/2D measuring 0.73 acres, S.F.No. 41/1A measuring 0.64 acres, S.F.No. 41/1B measuring 0.70 acres, S.F.No. 41/1C measuring 1.33 acres, S.F.No. 41/2A measuring 0.94 acres, S.F.No. 41/2B measuring 0.82 acres, S.F.No. 41/2C measuring 1.25 acres, S.F.No. 41/2D measuring 1.27 acres, S.F.No. 41/2E measuring 1.99 acres, S.F.No. 44/1 measuring 2.00 acres, S.F.No. 171/1A measuring 1.22 acres, S.F.No 197/2,3 measuring 2.05 acres, S.F.No 197/4 measuring 2.48 acres, S.F.No. 198 Full measuring 4.56 acres in Kotta Gounden Patti Village, in S.F.Nos. 46, 48/1, 48/2, 49/1, 49/2, 49/3, 50/1, 50/2, 51/1 & 51/3 measuring 23.12 acres thus totaling to 46.02 acres together with the building in the aforesaid lands as under:
3 Description Year of Construction Roof Plinth area in Sq. Ft. Administrating office 1988 AC sheet Roof 1230.00 Weight bridge 1988 AC sheet Roof 900.00 Production stores & Work shop 1988 AC sheet Roof 4840.00 Lab office canteen G.F 1988 RCC Roof 2740.00 Lab office canteen F.F 1988 RCC Roof 2740.00 Raw material stores 1988 AC sheet Roof 6850.00 Genset room 1988 AC sheet Roof 2300.00 Power house 1988 AC sheet Roof 740.00 Machine room 1988 AC sheet Roof 650.00 Compressor room 1987 AC sheet Roof 600.00 Pump house 1988 AC sheet Roof 540.00 Stock yard iron ore 2002 AC sheet Roof 11100.00 Cycle shed 2002 AC sheet Roof 1550.00 Car parking 2006 AC sheet Roof 780.00 Security 2002 AC sheet Roof 300.00 SMS 1 2006 AC sheet Roof 48000.00 Rolling mill & Store 2008 AC sheet Roof 99975.00 SMS 2 2006 AC sheet Roof 86000.00 Labour quarters Block - I 1988 AC sheet Roof 4000.00 Labour quarters Block - II 2001 AC sheet Roof 5360.00 Labour quarters Block - III 2008 AC sheet Roof 7035.00 Canteen Extension 2008 AC sheet Roof 600.00 Lab,Store,power house,rolling mill 2008 AC sheet Roof 3000.00 Covered coal stork yard 1988 AC sheet Roof 7000.00 Concrete bunkers 100 tn 2010-8 Power plant 2010 AC sheet Roof 56000.00 Finished Godown 2010 AC sheet Roof 25800.00 PLANT & MACHINERY, STORES, TMT BARS AND SCRAPS: Entire Plant & Machinery, Equipments & Electricals along with Utilities, Kept / Embedded /Lying/ Installed in the above Factory premises as under: 1. Sponge Iron Manufacturing Plant (Rotary Kilns & ESP) 2. Billet Making Plant (Steel Melting Unit & Concast Unit with Melting) 3. 400 TPD Rolling Mill 4. 15 MW Power Plant
4 Along with materials at Stores, TMT Bars and Scraps available at the above Factory premises. (For details of list of Plant & Machinery the interested bidder/purchaser may contact IOB, ARM Branch, Coimbatore) Upset Price of the above secured assets ( Inclusive of 1 % income tax on Land and buildings): 1. Land & Building Rs. 40,40,40,500/- 2. Plant and Machinery Rs. 73,00,00,000/- Total Reserve Price: Rs.113,40,40,500/- (Rupees One Hundred Thirteen Crores Forty Lakhs Forty Thousand Five Hundred only) Earnest Money Deposit: Rs.11,34,04,050/- (Rupees Eleven Crores Thirty Four Lakhs Four Thousand Fifty only) (Both the above shall be sold in one single lot and cannot be bidded separately) * All other taxes and duties, arising out of the sale of machineries if any have to be borne by the purchaser. Date and time of E-auction EMD Remittance 03.07.2018 (Tuesday) between 12.00 Noon and 1.00 PM hours with auto extension of 5 minutes each till sale is completed. Deposit through EFT/NEFT/ RTGS Transfer in favour of Authorized Officer IOB to the credit of A/c No. 155102000000110, Indian Overseas Bank, SARM Branch,11/952, 1st floor, Cross cut Road, Gandhipuram, Coimbatore-641012, Branch Code:1551, IFSC: IOBA0001551 Bid Multiplier Rs. 10,00,000/- Inspection of property All working days between 16.06.2018 to 30.06.2018
5 Submission of online application for bid with EMD Last date for submission of online application for placing the BID with EMD #Known Encumbrance if any 16.06.2018 onwards 02.07.2018 up to 5.00 PM 1. Commercial Tax Department, Omalur- For Rs. 1,14,23,179/- 2. Central Excise And Service Tax, Salem Division- For Rs. 30,24,15,407/- *Outstanding dues of Local Self Government (Property Tax, Water sewerage, Electricity Bills etc) TNEB has claimed a sum of Rs. 10,35,65,898/- for power consumption to the company. (As per disclosure by the company in their Balance Sheet under contingent liability as on 31.03.2013.) # Bank s dues have priority over the dues of Commercial Tax Department, Omalur & Central Excise and Service Tax, Salem Division and Bank dues will be appropriated as per the provisions of law. *Bank s dues have priority over the statutory dues. **State Bank of India has Pari Passu charge on the current assets of the company for the working capital limit extended by them and II Pari Passu charge on the fixed assets of the company. Terms and Conditions 1. The property will be sold by e-auction through the Bank s approved service provider M/s. Matex Net Pvt. Ltd. under the supervision of the Authorized Officer of the Bank. 2. E-auction bid document containing online e-auction bid form, declaration, general terms and conditions of online auction sale are available in website http://www.matexauctions.com. 3. Intending bidders shall hold a valid digital signature certificate and email address and should register their name / account by login to the website of the aforesaid service provider. They will be provided with user ID and password by the aforesaid service provider which should be used in the e-auction proceedings. For details with
6 regard to digital signature, please contact the service provider at the below mentioned address/phone no/e-mail. 4. Bids in the prescribed formats shall be submitted online through the portal http://www.matexauctions.com along with the EMD & scanned copy of KYC documents including photo, PAN Card & address proof to the service provider and the Authorised Officer before 5.00 PM on 02.07.2018. 5. The EMD and other deposits shall be remitted through EFT / NEFT / RTGS to the Bank account as specified above and the amount of EMD paid by the interested bidder shall carry no interest. The amount of EMD paid by the successful bidder shall be adjusted towards the sale price. 6. Bids without EMD shall be rejected summarily. 7. Online auction sale will start automatically on and at the time as mentioned above. Auction / bidding will initially be for a period of 60 Minutes with auto extension time of 5 minutes each till the sale is concluded. 8. The property shall be sold to the successful bidder. The successful bidder (purchaser) as declared by the Authorised Officer shall deposit 25% of the sale price (inclusive of the EMD) immediately on the same day and not later than the next working day. The balance amount of sale price shall be paid within 15 days from the date of confirmation of auction sale. Failure to remit the entire amount of sale price within the stipulated period will result in forfeiture of deposit of 25% of the bid price to the secured creditor and forfeiture of all claims over the property by the purchaser and the property will be resold. 9. The sale certificate will be issued in the name of the purchaser only, after payment of the entire sale price amount and other taxes/charges, if any. 10. The purchaser shall bear the charges/ fee payable for conveyance such as registration fee, stamp duty, etc., as applicable as per law. 11. The Authorized Officer has the absolute right to accept or reject any bid or postpone or cancel the sale, as the case may be without assigning any reason whatsoever. 12. The property is being sold on as is where is and as is what is basis. The Bank has disclosed only the known encumbrances, statutory liabilities, if any, as above and it is for the purchaser to make their own independent enquiries at their own costs before participating in the auction.
7 13. As regards the statutory dues, Bank dues will have priority over statutory dues. Without prejudice to the above, statutory liability, if any, shall be borne by the purchaser and the Bank assumes no responsibility in this regard. 14. Sale is subject to confirmation by the secured creditor. 15. EMD of unsuccessful bidders will be returned through EFT / NEFT / RTGS to the bank account details provided by them in the bid form and intimated via their e-mail id. 16. The e-auction advertisement does not constitute and will not be deemed to constitute any commitment or any representation by the bank. The Authorised Officer/Secured Creditor shall not be responsible in any way for any third party claims / rights / dues. 17. *In compliance with Section 194 IA of the Income tax Act, 1961 income tax @ 1% on the Reserve Price shall be deducted and paid under the PAN Number of the Purchaser. Since the Tax has been calculated only on the Reserve Price, the bidder shall bear the 1% income tax on the bid multiplier amount and the Bank shall not take any responsibility for the same. *In case of any sale / transfer of immovable property of Rupees Fifty lakhs and above, the transferee has to pay an amount equal to 1% of the consideration as Income Tax. For further details regarding inspection of property / e-auction, the intending bidders may contact the Branch Manager, Indian Overseas Bank, ARM Branch during office hours, Phone No. 0422-2497178 or the Bank s approved service provider M/s. Matex Net Pvt. Ltd., Phone no. 7667750081/7667750080, e-mail-id: matex@matexnet.com or sampath@matexnet.com Mob. No. 09944171360. Place: Coimbatore Date: 11.06.2018 Authorised Officer