Indian Overseas Bank CHIRALA BRANCH (0383) HIGH SCHOOL ROAD, CHIRALA, PRAKASAM DISTRICT- 523155. 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. SAI RAMMYA ENTERPRISES PROP: SRI G. VENU GOPALA RAO OF CHIRALA have borrowed monies from Indian Overseas bank against the mortgage of the immovable properties standing in the name of Sri GHALI NARASIMHA RAO (GUARANTOR/MORTGAGER) more fully described in the schedule hereunder and the Bank has issued a demand notice to the Borrowers/mortgager under Section 13(2) of the SARFAESI Act, 2002 (Act) on 10 / 08/2015 calling upon the borrower M/S. Sai Rammya Enterprises to pay the amount due to the Bank, being Rs. 23,54,355/- as on date of notice together with further interest, costs and expenses within 60 days from the date of the said notice. Whereas the borrowers/ Mortgager having failed to pay the amount due to the Bank as called for in the said demand notice, except part payment of Rs. 4500/- on 15/10/2015, the Bank has taken possession of the secured asset more fully described in the schedule hereunder on 05/11/2015 under Section 13 (4) of the Act. The borrower has paid another part payment of Rs. 4500/- on 30/04/2016 only. Whereas the borrower having failed to pay the dues in full, the secured creditor, Indian Overseas Bank has decided to sell the under mentioned secured asset in As is where is and As is what is condition under Section 13(4) of the Act read with Rules 8 &9 of the Security interest (Enforcement) Rules. 2002. The dues of the borrower as on 21/07/2016 works out to Rs. 26,73,453/- with further interest, expenses /charges there on. SCHEDULE OF PROPERTY
ITEM NO. I (Property covered by document no. 1908/2013) All the part and parcel of 534.69 Sq.Yds. vacant site in Survey No. 101, plot no. F.1 &2, in Sri Balajinagar, Kothapeta Village, Akkayapalem panchayat, vetapalem Mandal, Prakasam Dt. Standing in the name of Sri Ghali Narasimha Rao and bounded by : EAST: 17-02 wide road border 23.10 SOUTH: Survey No. 93,94- property of Sri S. Bapana Rao & Others- 125-00 WEST: 17.02 wide Road-53.02 NORTH: Plot Nos. 102 (property of Sri P. Sriramachandra Rao)- 62.06 Again EAST- item no. 2, plot no. 111 site- 29.04, Again NORTHplot no. 111 s site- 62.06 ITEM. NO. II (Property covered by document no. 1908/2013) All the part and parcel of 203.68 Sq.Yds. vacant site in Survey No. 101, plot no.111, in Sri Balajinagar, Kothapeta Village, Akkayapalem panchayat, vetapalem Mandal, Prakasam Dt. Standing in the name of Sri Ghali Narasimha Rao and bounded by : EAST: 17-02 wide road border 29.02 SOUTH: Property of Sri M. Srinivasa Rao-62-06 WEST: Item No. 1 site- 29-04 NORTH: Plot No. 112 (property of Sri P. Jyothi )- ITEM. NO III
(Property covered by document no. 4761/2012) All the part and parcel of 320.05 Sq.Yds. vacant site in Survey No. 101, plot no. 1A, of Sri Balajinagar, Kothapeta Village, Akkayapalem panchayat, vetapalem Mandal, Prakasam Dt. Standing in the name of Sri Ghali Narasimha Rao and bounded by : EAST: 17-02 wide road border 23.10 SOUTH: Road border 121-00 WEST: 17.02 wide Road-23.10 NORTH: Plot Nos. 1 & 11 (Property of Sri Ch. Adi Surya Prakasa Rao)- 121.00 (TOTAL EXTENT OF ALL THE 3 SITES PUT TOGETHER IS 1058.42 Sq.Yds.) Date and time of e-auction Reserve Price Date: 07/09/2016. Between 10.30 A.M. To 11.30 A.M. with auto extension of five minutes each till sale is completed for all the 3 items. Rs. 12,00,000/- ( FOR ALL THE 3 ITEMS PUT TOGETHER) Earnest Money Deposit Rs. 1,20,000/- EMD Remittance Bid Multiplier Inspection of properties Deposit through EFT/NEFT/ RTGS Transfer in favour of AUTHORISED OFFICER, IOB, CHIRALA Branch- to the credit of A/C No. 038302000001644 Indian overseas bank, Chirala Branch, Code 0383 IFSC CODE: IOBA0000383 Rs.10,000/- for each property Dt.27/07/2016 onwards
Submission of online application for bid with EMD Dt.27/07/2016 onwards Last date for submission of online Dt.05/09/2016. BEFORE 3.00 P M application for BID with EMD Terms and Conditions 1. The properties will be sold by e-auction through the Bank s approved service provider M/s 4Closure under the supervision of the Authorized officer of the Bank. 2. e-auction tender document containing online e-auction bid form, declaration, general terms and conditions of online auction sale are available in website http:// www.iob.foreclosureindia.com 3 Intending bidders shall hold a valid e-mail address, ID proof, Address proof and PAN CARD. For details, please contact phones: 04023836405, 08142000061/66, Email: info@foreclosureindia.com 4. Bids in the prescribed formats given in the Tender Document shall be submitted online through the portal www.iob.forclosureindia.com. Bids submitted otherwise shall not be eligible for consideration. 5. The EMD and other deposits shall be remitted through EFT / NEFT / RTGS to the Bank account as specified above. 6. Bid form without EMD shall be rejected summarily. 7. Online auction sale will start automatically on and at the time as mentioned above. Auction/ bidding time will initially be for a period of one hour with auto time extension of five minutes each till the sale is concluded. 8. Auction/ Bidding will be only online bidding through the portal provided by M/S 4CLOSURE. 9. Demo e-auction process will be conducted by M/S. 4 CLOSURE for familiarization and allocation of username/password to eligible prospective bidders for access to the e-auction at the specified date and time. 10 The property shall be sold to the highest bidder. The successful bidder (purchaser) shall deposit 25% of the sale price (less the EMD) IMMEDIATELY on the sale being confirmed in his / her favour and the balance amount of sale price 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 tender price and forfeiture of all claims over the property and it will be resold.
11. In addition to the sale consideration, it shall be the responsibility of the highest bidder to pay 1% of the sale consideration over and above the reserve price towards income tax and Bank shall not take any responsibility for the same. 12. The sale certificate will be issued in the name of the purchaser only, after payment of the entire sale price amount and other charges if any. 13. The purchaser shall bear the charges / fee payable for conveyance such as registration fee, stamp duty, etc., as applicable as per law. 14. The Authorized Officer has the absolute right to accept or reject the bid or postpone or cancel the sale, as the case may be without assigning any reason. 15. The property is being sold on as is where is basis condition. The purchaser should make their own enquiries regarding any statutory liabilities, arrears of property tax, electricity dues, etc., by themselves before participating in the auction and the same shall be borne by the purchaser. 16. Sale is subject to confirmation by the secured creditor. 17. 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. 18. If the dues are realizable by the auction proceeds of any one item, the Authorised Officer has got the right to cancel the sale of other items. For further details regarding inspection of property / e-auction, the intending bidders may contact the Branch Manager, Indian Overseas Bank, Chirala Branch during office hours, phone No. 08594-232566/ 234734 or Mobile No.9490338595 or the Bank s approved service provider M/s 4Closure, Flat no. 102, Amrutha Apartments, Plot no.20, Motinagar, Hyderabad-500018, Phones: 04023836405, 08142000061/66, Email: info@foreclosureindia.com, Or BANK S APPROVED SARFAESI ASSISTANT M/S. V.S.S.A.R.A.S.A. (P) LTD, CELL NO 9642177999 (SRINIVASA MURTY). PLACE: CHIRALA DATE : 21/07/2016 Authorised Officer