INDIAN OVERSEAS BANK KILPAUK BRANCH No.477, Kilpauk Garden Road, Chennai-10 Ph : 044 - 26461141/ 26460178 E-mail : [email protected] 02.08.2019 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. Variar Benefit Fund had borrowed monies from Indian Overseas Bank against the mortgage of the immovable properties more fully described in the schedule hereunder and on upon classification of the account as NPA, the Bank has issued a demand notice under Section 13(2) of the SARFAESI Act, 2002 (Act) on 19.05.2018 calling upon the borrower/mortgagor M/s. Variar Benefit Fund Ltd, Flat No.193/8, Asiad Colony, Jawaharlal Nehru Road, Anna Nagar West Extn, Chennai- 600 101 and guarantors 1. Mr. K Girirathinam, Chairman, No. 563, 18th street, TNHB, Korattur, Chennai-600 080; 2. Mr. A.G. Janarthanam, Director, No.908, 19th street, Vaigai colony, Anna Nagar West, Chennai-600 040 & Plot No.1972, 14th street, H Block, Anna Nagar West, Chennai-600 040; 3. Mr. M.V Ramana Rao, Director,W 507, 9th & 10th street, Anna Nagar West, Chennai; 4. Mr. A.D. Srinivasan, No.20, AlagarPerumal Koil Street, Vadapalani, Chennai-600 026; 5. Mr.Sukumar, Managing Director, Plot No. 908, J Block, 19th Street, Vaigai Colony, Anna Nagar, Chennai-600 040; 6. Mr. M. Sivagnanam, S/o. J.Manickam, No. 2205, Mullai Nagar, Anna Nagar West, Chennai-600 040; 7. Mr. E. Bhathavatsalam, S/o.E.Kuppuswamy, No. U 53, Anna Nagar, Chennai-600 040; 8. Mr. M Ravi, S/o.T.MuthuChettiar, No. 429, Mint Street, Chennai-600079; 9. Mr. R Jayachandran, S/o.P.Radhakrishnan, No.34, Bashyakarulu Naidu Street, Chennai-600 079, also at R55, Maraimalaiadigal street, MMDA colony, Arumbakkam, Chennai-600 106; 10. Mr. A Karthikeyan, S/o.P.Arumugam, No.85, NattuPilliarKoil Street, Chennai-600 001 & C-7, Vallalar Street, MMDA Colony, Arumbakkam, Chennai-600106; 11. Mrs.P.Hemalatha, W/o. R.Pandurangan, No.34, Bashyakarulu Street, Mint, Chennai-600 001; 12. Mr.M.Baskaran, S/o. V.K.Muthu, No.94, Swami Naicken Street, Chindadripet, Chennai-600 002; 13. Mr.L.Lakshmanan, S/o. K.P.Lakshmanan. No.2, Musthora Begum Petta Street, Royapettah, Chennai-600 014; 14. Mr.C.Swaminathan, S/o.Chinnasamy, No.U53, Anna Nagar, Chennai- 600 040 also at Y 113, Anna Nagar, Chennai-600 101; 15. Mr. K Thirunavukarasu, S/o.KalyanaSundaram, V 54, 5th Avenue, Anna Nagar West, Chennai-600 040, also at V 94, Anna Nagar, Chennai-600 101; 16. Mr. R Pandurangan, No.34, Bashyakaralu Street, Mint, Chennai -600 079; 17. Mr. L. K. Koteeswaran, New No. 62, Kamala Nagar, Thiruvottiyur, Chennai-600 019, 18. Mrs.Shymala Swaminathan, No.U53, Anna Nagar, Chennai-600 040, also at: Y113, Anna Nagar, Chennai-600 101; 19. Mrs.Aswini Pandurangan, W/o.Harinath, No.34, Bashyakaralu Street, Kondithope, Chennai-600 079 to pay the amount due to the Bank, being Rs.23,88,128/- (Rupees Twenty Three Lakhs Eighty Eight Thousand One Hundred and Twenty Eight only) as on 30.04.2018 payable together with further interest at contractual rates and rests along with costs, charges etc till date of repayment within 60 days from the date of receipt of the said notice. Whereas the borrower/mortgagor/guarantor 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 30.01.2019 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.27,46,525.87 (Rupees Twenty Seven lakhs Forty Six Thousand Five Hundred Twenty Five & Paise Eighty Seven only), as on 31.01.2019 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 31.07.2019 works out to Rs.30,40,000/- (Rupees Thirty Lakhs Eighty and Forty Thousand 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. SCHEDULE OF PROPERTIES All that piece and portion of Flat Bearing No.193/8, in the Ground floor in Block 193 together with 370 Sq.ft. undivided share of land comprised in RS No. 223, S.No.204 and 209 part situated at Asiad Colony, Anna Nagar Western extension, Chennai-101, Padi Village, Thirumangalam Village, AmbatturTaluk, Thiruvallur District in the name of M/s.Variar Benefit Fund Ltd, within the Registration sub-district Villivakkam and District Chennai Central. Boundries: On the North by: Flat No.193/9. On the South by: Flat No.193/5, On the East by:20 feet Road, On the West by: Flat No.193/7 19.08.2019 between 11.00 a.m and 1.00 p.m Date and time of e-auction (time) with auto extension of five minutes each till sale is Completed. Reserve Price 81,05,000/- Earnest Money Deposit 8,11,000/- Deposit through EFT/NEFT/ RTGS Transfer in favour of “ IOB Cathedral Branch” to the credit of IOB E- Auction EMD A/C No.010902000970853 , Indian EMD Remittance overseas bank, Cathedral Branch,762,Anna Salai, Chennai 600 002 . Branch Code : 0109. IFSC Code : IOBA 0000109 Bid Multiplier Rs.1,00,000/- Inspection of property 13.08.19 between 11.00 am and 5.00 pm Submission of online 03.08.2019 onwards application for bid with EMD Last date for submission of online 18.08.2019 before 5.00 PM application for BID with EMD Known Encumbrance if any NIL Rs.30,40,000/- (Rupees Thirty Lakhs Eighty and *Outstanding dues as on Forty Thousand only) and dues to Local Self 31.07.2019 Government (Property Tax, Water Sewerage, Electricity Bills etc) *Bank’s dues have priority over the statutory dues. Terms and Conditions 1. The properties will be sold by e-auction through the Bank’s approved service provider M/s Matexnet P 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 (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 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--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 P.M hours on 18.08.2019. 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 2 hours (120 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.