INDIAN OVERSEAS BANK West Mambalam Branch No 16, Thiruvengadam Street, Chennai 600 033 Phone No: 044 24714431, 044 2471 4030, E Mail – [email protected]
E-Auction Sale Notice
Sale of immovable properties mortgaged to Bank under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (No. 54 of 2002)
Whereas M/s S G Construction have borrowed monies from Indian Overseas bank, West Mambalam branch against the mortgage of the immovable properties more fully described in the schedule hereunder and upon the classification of the account as NPA, the Bank has issued a demand notice under Section 13(2) of the SARFAESI Act, 2002 (Act) on 02.08.2019 calling upon M/s S G Constructions [Borrower], 2. Mr.K.G.Giridhar [Mortgagor) and Mr. C B Thothathri (Mortgagor/Guarantor) to pay the amount due to the Bank, being Rs.1,04,65,808.31 as on 31/07/2019 payable together with further interest, costs and expenses within 60 days from the date of the said notice.
Whereas the borrowers/Mortgagors and 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 21.10.2019 under Section 13 (4) of the Act with the right to sell the same in “As is where is”, “As is what is”, and “whatever there is” basis under Section 13(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 1,06,86,358/- Rupees One Crore Six Lakh Eighty Six Thousand Three Hundred Fifty Eighty only) calculated as on 21.10.2019 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 borrower as on 31.10.2019 works out to Rs. 1,07,44,061/- (Rupees One Crore Seven Lakh Forty Four Thousand and sixty one only) payable with further interest and other cost etc.,
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.
Page 1 of 6 Description of the immovable Reserve Bid Date, Time & property EMD Price Multiplier auction Item I: Residential Flat - 300 sq.ft. of UDS together with residential flat measuring 1000 sq. ft. of Rs.103.63 plinth area in fifth floor Lacs – Rs located at Flat No.5A, Plot Inclusive of 10,36,000/- No.98, North Avenue, Sri 1% income [Rupees Ten Nagar Colony, Tax Lakh Thirty Six Venkatapuram, Saidapet, (Rupees One Crore three thousand Chennai 600 015, comprised lakh and Sixty only] 18.12.2019 in S No 85, TS No 85, Block No Three between 4, Ventkatapuram Village, Thousand 11.00 A.M to Mambalam-Guindy Taluk, only) 1.00 PM with standing in the name of auto Mr.K.G.Giridhar. Rs.25,000/- extension of Item II: ( Rupees five All that piece and parcel of Twenty Five minutes residential land measuring 1 Rs.312.41 Thousand each till sale Rs Only) is ground and 856 sq. ft.s Lacs – completed located at Old Door No 5-A, Inclusive of 31,24,000/- present Door No 3 at 1% income [Rupees thirty Tax Sathyanarayana street, West one lakhs (Rupees Three twenty four Mambalam Chennai 600 033 Crore Twele comprised in parimash No 15, lakh and Forty Thousand Old T S No 2/A, New T S No One only] Thousand 2/2, Block No 8, standing in only) the name of Mr.C B Thothathri EMD remittance: Deposit through EFT/NEFT/ RTGS Transfer in favour of “ IOB West Mambalam Branch” to the credit of Account no: 086802000003272 , IOB, West Mambalam Branch Name : E Auction EMD Account, IFSC Code: IOBA0000868 Branch Code: 0868 EMD Remittance & On line Bid submission commences from 20.11.2019 - 11.00 AM onwards and Last date and time for EMD remittance and submission of online tender: 16.12.2019 by 05.00 PM. Date of Inspection of Assets: 02.12.2019 between 10.00 AM to 05.00 PM Encumbrance if : Not Known any All statutory dues to be borne by the auction purchaser
Page 2 of 6 For terms and conditions: Please visit our website (1) https://auctions.magicbricks.com (2) www.iob.in This notice is also to be treated as a 30 days notice under Rule 8(6) of the Security Interest (Enforcement) Rules, 2002 for the Borrowers/Guarantors/Mortgagors. *Bank dues have priority over statutory dues.
Place: Chennai Authorised Officer Date: 16.11.2019 Indian Overseas Bank
Page 3 of 6 Terms and Conditions of E-Auction
1. The secured assets will be sold by e-auction through the Bank’s approved service provider through website https://auctions.magicbricks.com under the supervision of the Authorised Officer of the Bank. 2. E-auction tender document containing e-auction bid form, terms and conditions of online auction sale are available in website https://auctions.magicbricks.com 3. Bids in the prescribed formats shall be submitted online through the website https://auctions.magicbricks.com along with the EMD & scanned copy of KYC documents including photo, PAN Card & address proof to the service provider and the Authorized Officer. 4. 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. 5. The interested bidders shall submit their bid along with EMD and KYC documents / PAN card and address proof by accessing the aforesaid web site https://auctions.magicbricks.com through the login ID and Password acquired through the portal. The EMD & other deposits shall be remitted through NEFT/RTGS in favour of “E-auction EMD Account”, A/c No 086802000003272 with Indian Overseas Bank, West Mambalam Branch, Chennai IFSC Code IOBA0000868. Only buyers holding valid user ID / Password and confirmed payments of EMD through NEFT/ RTGS shall be eligible for participating in the online auction. 6. Bid form without EMD shall be rejected summarily. The amount of EMD paid by interested bidders shall carry no interest. 7. The property shall be sold to the highest bidder. Upon selection / declaration of the successful bidder by the Authorized Officer, the bidder shall deposit 25 % of the sale price (less the EMD) immediately and the balance amount of sale price within 15 days from the date of confirmation of auction sale or such extended period as may be agreed upon in writing between the parties. Failure to remit the entire amount of sale price within the stipulated period will result in forfeiture of deposit of 25% of the sale price and forfeiture of all claims over the secured assets and they will be resold. 8. The certificate of sale will be issued in the name of the purchaser only, after payment of the entire sale price amount and other charges, if any. 9. The purchaser shall bear the charges / fees payable for conveyance such as registration fee, stamp duty etc., if any. Page 4 of 6 10.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. 11.Sale is on “As is where is”, “As is what is”, and “whatever there is” basis and subject to confirmation by the secured creditor. The purchaser should make their own enquiries regarding any statutory liabilities etc, by themselves before participating in the auction and the same, if any, shall be borne by the purchaser. 12.Sale is subject to confirmation by the secured creditor. 13.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. 14.To the best of the knowledge and information of the Authorised Officer, there is no encumbrance, lien, charge, statutory dues, etc., on the secured assets. However, the intending bidders should make their own independent inquiries about the secured assets put on auction and claims/rights/dues affecting the same, prior to submitting their bid. 15.The e-Auction advertisement does not constitute and will not be deemed to constitute any commitment or any representation of the bank. The secured assets are being sold with all the existing and future encumbrances whether known or unknown to the bank. The Authorised Officer/Secured Creditor shall not be responsible in any way for any third party claims/rights/dues. 16.The Bank reserves the right to defer or cancel the sale at any point of time before the issuance of sale certificate. If the bank is constrained to cancel the sale at any point of time, no interest amount or any other amount such as damages, charges/costs etc., will be payable on the purchase consideration received from the bidder/purchaser. 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. 18.As regards the statutory dues stated above, 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.
Page 5 of 6 For further details regarding inspection of property / E-auction, the interested bidders may contact the Chief Manager, Indian Overseas Bank, West Mambalam branch, No 16, Thiruvengadam Street, West Mambalam, Chennai- 600 033 during office hours, Phone Nos. 044-24714431 or 044-24714030 or 8007120246. For assistance regarding the E-auction procedure and uploading of bid form & other required documents, Mr. Mohit Sharma Ph. 9837778407 of the Service Providers M/s Magicbricks realty Services Ltd., may be contacted.
Place: Chennai Authorised Officer Date: 16.11.2019 Indian Overseas Bank
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