DETAILED TERMS AND CONDITIONS
AUCTION SALE NOTICE - 12-09-2023
| 01 | Auction would commence at Reserve Price as mentioned in the notification dated 11.08.2023. |
| 02 | Auction will be conducted through the Bank's approved service provider M/S. ARCA EMART PVT. LTD.., at the web portal www.auctionbazaar.com |
| 03 | E-auction Tender Document containing online e. auction bid form, Declaration, General Terms and Conditions of online auction sale are available in www.auctionbazaar.com and and www.publishtenders.gov.in |
| 04 | Last date for submission of bids of Property No.1 to 5 are 11.09.2023 up to 3 PM. |
| 05 | Earnest Money Deposit (EMD) shall be deposited through RTGS/NEFT through Bank to the credit of Account No.1169102000000329 Navabharat Co-operative Urban Bank Ltd., Dr.A.S.Rao Nagar Branch under IFS Code: IBKL0001169 or by a Demand Draft/Pay Order in favour of Navabharat Co-operative Urban Bank Ltd. |
| 06 | Bidders shall hold a valid email ID.{e-mail ID is absolutely necessary for the intending bidder as all the relevant information and allotment of ID and Password by M/S. ARCA EMART PVT. LTD.., may be conveyed through e-mail}. |
| 07 | Bid Increment amount for Property Nos.1 to 5 with auto time extension of five minutes each till sale is completed. |
| 08 | The prospective qualified bidders may avail online training on e-Auction from M/s. ARCA EMART PVT LTD, AWFIS Co-Working Spaces, 3rd Floor, OASIS Business Centre , Green Lands , Begumpet , Hyderabad -500016 IN, Above Malabar Gold Website at www.auctionbazaar.com. Help Line No. +91-8370969696 +91-9581498999, email ID: contact@auctionbazaar.com and shiva@auctionbazaar.com, prior to the date of e-Auction. Neither the Authorised Officer/Bank nor M/s. ARCA EMART PRIVATE LIMITED (Auctionbazaar.com) will be held responsible for any internet Network problem/Power failure/any other technical lapses/failure etc. in order to ward-off such contingent situation the interested bidders are requested to ensure that they are technically well equipped with adequate power back-up etc., for successfully participating in the e-Auction event. |
| 09 | EMD of unsuccessful bidders will be refunded on closure of the auction within 3days and shall not carry any interest. |
| 10 | The sale/auction is subject to confirmation by Bank, if the borrower or guarantors pays the bank in full before sale the sale will be cancelled. |
| 11 | The successful bidder who has offered the highest sale price in the bid has to pay a deposit of 25% of the bid amount (inclusive of EMD) of sale price immediately on the same day to the Authorised Officer, failing which the Earnest Money Deposit shall be forfeited and the property shall forth with will be sold again. |
| 12 | The successful bidder shall pay the remaining 75% of the bid amount, within stipulated period i.e. 15 days from the date of confirmation of sale, failing which the 25% of the deposit amount (25% of bid amount inclusive of EMD) shall be forfeited and the property shall be resold and the defaulting purchases shall forfeit all claims to the property or to any part of the sum for which it may be subsequently sold. |
| 13 | The intending purchaser can inspect the property on prior appointment with Authorised Officer on 9440670956, 9290574004. |
| 14 | The sale is subject to conditions prescribed in the SARFAESI Act Rules 2002 and the conditions mentioned herein. |
| 15 | The encumbrances on the property known to the Bank are NIL. |
| 16 | The undersigned has the absolute right and discretion to accept or reject any or all the Bid/Officer or adjourn/postpone/cancel the Auction sale/modify any terms and conditions of the sale without any prior notice and without assigning any reason thereof. In case the bids are rejected, Authorised Officer can negotiate with any of the intending bidders or other parties for sale of properties by private treaty. |
| 17 | The Sale Certificate will be issued in the name of the purchaser(s)/applicant(s) only and will not be issued in any other name(s). |
| 18 | The successful bidder shall bear the stamp duties, including sale certificate registration charges, all taxes, rates, statutory dues payable to the government or any Authority, etc., both existing and future relating to the property. |
| 19 | The property is sold in “As is Where is” and “as is what is” conditions, and the intending bidder should make discrete inquiries as regards the property of any authority besides bank charges and should satisfy themselves about the title, extent, quality and quantity of the property before submitting the bid. No claims of whatsoever nature regarding the property put on sale, charges, and encumbrances over the property, or any other matter etc.; will be entertained after the bid submission. |
| 20 | For Sale proceeds of Rs.50,00,000 (Rupees Fifty lacs) and above, the successful bidder will have to deduct TDS at the rate 1% on the sale proceeds and submit the original receipt of TDS Certificate to the Bank. |
Authorised Officer |
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| Navabharat Co-operative Urban Bank Limited | |
Date: 11.08.2023 |
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| Place: Hyderabad. | |
