1.
The
Bids should be submitted only in the prescribed form.
2.
Bid
Forms
along with detailed terms and conditions of sale can be obtained
from the Registry of the Tribunal on payment of Rs.1000/-
(Rupees One thousand only) (non refundable) by way of DD
in favour of Registrar, DRT-2, Chennai.
3.
If the auction is held outside Chennai, the Bid Forms along
with detailed terms and conditions can be obtained on payment of
Rs.1000/- (Rupees One thousand only) (non refundable) by way of DD
in favour of Registrar, DRT-2, Chennai from DRT
representative on the day of auction at the venue of auction before
11.00 A.M. (This condition has since been modified and is published
in the sale proclamation as, “ Bid Forms along with detailed terms
and conditions can be obtained on payment of Rs.1000/- (One Thousand
only) (non refundable) by way of DD in favour of Registrar, DRT-2,
Chennai either from Registry of the Tribunal until a day prior to
date of auction or from DRT representative at the venue of auction
before 11.00 A.M. on the day of auction”)
4.
Bid Forms obtained prior to the date of issue of sale
proclamation shall not be accepted.
5.
The Bid Forms should be submitted only in the sealed cover
provided with the bid form duly superscribed with DRC No, DRC Year,
Date of Auction, Item No of property for which bid is submitted and
Name(s) and Addresse(s) of the Bidder(s).
6.
The Sealed covers containing Bid Form should be dropped along
with the following documents in the box kept in the Tribunal before
the date and time stated in the sale notice published in the
Newspaper.
a)
Demand Draft for a sum equal to 10% of the Upset Price drawn in
favour of “The Recovery Officer, DRT-II, Chennai (DRC No.____)”
towards EMD.
a)
Photocopy of any Photo bearing Identity card. (Please refer
condition No.8)
b)
Letter of Authority in case the bidder is participating in
the auction on behalf of others or jointly with others. Letter of
authority should be signed by all the Bidders and should bear their
complete names, parentage and addresses.
7.
If the auction is held outside, the Bids should be submitted
to DRT representative along with the documents specified in para 6
above before the date and time mentioned in the sale notice
published in the Newspaper.
8.
Copy of any one of the following documents will only be
accepted as ID proof.
a)
Voters ID card issued by Election Commission of India
b)
PAN Card
c)
Ration Card carrying Photo/Name of the Bidder
d)
Valid Driving licence
e)
Any other Government ID Card carrying photograph of the
holder/bidder.
9.
Incomplete/unsigned bids/without proper EMD and bids received
after stipulated date and time will be summarily rejected.
10.
If there is more than one item of property for auction,
separate Bids should be submitted in respect of each item of
property.
11.
Only one bidder will be allowed to participate in the
auction. If he represents others, he shall produce authorization
from other co-bidders.
12.
If the intending bidder is unable to participate in the
auction and desires to participate through his representative then
he has to give an authorization letter to his/her representative in
writing. In case of Company/Firm, person participating in the
auction should produce authorization from the Company/Firm signed by
authorized signatory.
13.
No bidder shall be permitted to withdraw from the auction
proceedings after submission of the completed bid form.
14.
EMD amount will be refunded to unsuccessful bidders by Demand
Draft drawn in favour of bidder 30 days after the date of auction.
If the EMD draft is not collected within two days on expiry of 30
days, the same will be sent to the bidder/address given in the bid
form by Registered Post.
15.
In the event of postponement/cancellation of auction after
submission of sealed bids, demand draft(s) submitted by bidder(s)
towards EMD will only be returned on the day of auction.
16.
Original photo ID must be produced by successful bidder for
scrutiny immediately after the auction.
17.
The properties will not be sold below the upset price
specified in the Sale Proclamation/Notice.
18.
During auction, bidding will commence from the highest amount
quoted in the sealed bids in multiples of amount fixed by Recovery
Officer. If there is no bidding in the auction and more than one
bidder has given same bid amount which is not less than the upset
price, the sale shall be concluded by draw of lots.
19.
The successful bidder should pay 25% of the bid amount (less
the E.M.D.) immediately on the same day by DD in favour of Recovery
Officer, DRT-II on sale being knocked down in his favour failing
which the sale shall stand automatically cancelled and the EMD paid
by the bidder shall be dealt with in accordance with the provisions
of the Second Schedule to the Income Tax Act.
20.
The balance 75% of bid amount plus poundage fees [@ 1% of bid
amount+Rs.10/-], should be paid by Demand Draft in favour of
Recovery Officer, DRT-II within 15 days unless extended for reasons
to be recorded in writing. If the balance amount is not paid
within the stipulated time, the sale is liable to be cancelled and
the amount deposited by the auction purchaser shall be dealt with in
accordance with the provisions of the Second Schedule to the Income
Tax Act.
21.
The
property is sold on “as is where is/on what it is/no complaint”
basis condition.
Hence, statutory
dues/Liabilities/Tax etc., due to Government/Local Body if any which
might come to the notice of the auction purchaser after the date of
auction shall be borne by the Purchaser.
22.
The property can be inspected on the date and time specified
in the sale notice published in the Newspaper.
23.
Prospective Bidders are advised to verify the copies of
documents/title deeds available with the Bank to ascertain the
correctness of the extent, dimensions, survey nos, boundaries, etc.
before participating in the auction. No request/application for
cancellation of the sale shall be entertained after conclusion of
the auction proceedings.
24.
In normal circumstances, the sale will be confirmed 30 days
after the date of auction and the auction purchaser shall be issued
with a Certificate of Sale.
25.
No request for inclusion of name(s) of any person(s) in the
Certificate of Sale other than those furnished in the Bid Form can
be entertained.
26.
Successful Bidder should submit copies of the following
documents at the time of collecting the sale certificate
a)
A Passport
size Photograph
b)
Address proof
c)
PAN Card/Photo Identity Card
27.
After collecting certificate of sale, Auction purchaser has
to approach the Bank concerned for Original title deeds/Parent
document in respect of the property.
28.
The successful bidder should bear the charges/fee payable for
conveyance such as Registration fee, stamp duty etc as applicable as
per law.
29.
The
Recovery Officer has the absolute right to accept or reject a bid or
postpone/cancel the sale, without assigning any reason.
**************
E-Auction procedures
Debts Recovery
Tribunal-II, Chennai
4th Floor,
Spencer Towers, No. 770A, Anna Salai, Chennai – 600 002.
DRC
No._______/_________
AUCTION BID FORM
1.
Name(s) of Bidder (in Capital)* :
2. Father’s/Husband’s Name :
3. Postal Address of Bidder(s) :
4. Phone/Cell No. and :
email ID
5. Bank Account Details to which EMD amount should be
sent
i) Bank A/c. No.
:
ii) IFSC Code No.
:
iii) Branch Name
:
6. Date of submission of bid :
7. PAN Number :
8. DRC & Property Item No. :
9. EMD remittance
details : Date of remittance
________________________
Name of Bank ___________________________
Branch _________________________________
A/c No._________________________________
IFSC Code No._____________
12. Photo ID
enclosed : Voter ID/PAN
Card/Driving Licence/
(Tick which ever is
applicable) Govt./PSU ID Card/ Photo page of
Passport
13. Bid Amount quoted
: Rs.________________
(Rupees_____________
______________________________________)
I declare that I have read and understood all the terms
and conditions of auction sale and shall abide by them. I also
undertake to improve my bid by one bid incremental value notified in
the sale notice if I am the sole bidder.
(Signature of the Bidder)
* In case of multiple
bidders, the details may be given in tabular form in a separate
sheet.
Debts Recovery Tribunal No.2, Chennai
4th
Floor, Spencer Towers, No. 770A, Anna Salai, Chennai – 600 002.
Detailed Terms and Conditions of
Auction Sale
1.
Auction/bidding will be only through online e-bidding.
2.
Registration with Auctioneer Company for bidding in a
e-auctioning as per the requirement of the Auctioneer Company.
3.
Bids shall be submitted online only.
4.
Bidders staying abroad/NRIs/PIOs/Bidders holding dual
citizenship must submit photo page of his/her valid Indian Passport.
5.
Incomplete/unsigned bids without EMD remittance details will
be summarily rejected.
6.
In case of sole bidder, the bid amount quoted in the bid form
must be improved by atleast one bid incremental value lest the sale
should be cancelled/deferred.
7.
If any market-leading bid (bid higher than the highest at the
point in time) is received within the last three minutes of closing
time, the bidding time will be extended automatically by three
minutes.
8.
Highest bid will be provisionally accepted on “
subject-to-approval ” basis and the highest bidder shall not
have any right/title over the property until the sale is confirmed.
9.
All intimations to bidders/auction purchaser will be
primarily through e-mail by the service provider. Date of sending
e-mail will be considered as date of intimation. If no intimation
reaches, bidders are expected to take efforts to find out status
from the e-auctioning Company. Non receipt of intimation should not
be an excuse for default/non payment.
10.
In case of more than one items of property brought for sale,
the sale of properties will be as per the convenience and it is not
obligatory to go serially as mentioned in the sale notice.
11.
Bidders are advised to go through the service provider’s
portal/website also before participating in the auction. Complaints
if any against the e-auctioning company/service provider must be
taken up with the Certificate Holding Bank only with whom an
agreement/ contract by the e-auctioning company exists.
12.
Highest bidder will be declared the successful bidder and
intimation to this effect will be given through e-mail by service
provider.
13.
In normal circumstances, sale will be confirmed after 30 days
from the date of auction provided that full sale amount alongwith
poundage has been remitted by the auction purchaser within the
stipulated time and auction purchaser will be issued a certificate
of sale. In case of pendancy of any Petition/ Appeal confirmation of
sale is subject to the outcome of the Petition/Appeal.
14.
In case of default of payment at any stage by the successful
bidder/auction purchaser within the stipulated time, the sale will
be cancelled and the amount paid will be forfeited fully.
15.
Two or More persons may join together in submitting the bid
and the sale certificate will be issued in their joint names.
16.
No request for inclusion/substitution of names, other than
those mentioned in the bid, in the sale certificate will be
entertained.
17.
Sale Confirmation/Sale Certificate shall be collected in
person or through an authorised person. For despatch by post, a
request in writing must be sent to Recovery Officer,
DRT-II, Chennai alongwith a self addressed adequately stamped
envelope.
18.
There shall be no fresh sale notice if the sale is postponed
for a period less than 30 days.
19.
Sale will not be confirmed if the defaulter satisfies the
Recovery Officer within 30 days of the sale that the recovery
certificate has been fully satisfied as per the Second Schedule to
the Income Tax Act.
20.
In case of stay of recovery proceedings by higher judicial
fora the auction may either be deferred or cancelled and persons
participating in the sale shall have no right to claim damages,
compensation or cost for such postponement or cancellation.
21.
The purchaser may within 30 days of the sale, apply for
setting aside the sale on the ground that the certificate debtor had
no saleable interest in the property sold.
22.
NRI Bidders must necessarily enclose a copy of Photo page of
his/her Passport.
23.
EMD amounts of unsuccessful bidders will be returned by NEFT/RTGS/Transfer
to the Bank account details provided in the bid form.
24.
Only copy of PAN Card, Passport, Voter’s ID, Valid Driving
Licence or Photo Identity Card issued by Govt. and PSU will be
accepted as the identity document and should be submitted alongwith
the bid form.
25.
Original Identity Document copy of which is submitted
alongwith the bid form must be produced on demand.
26.
Default of payment of 25% of bid amount (less EMD) on the
same day and 75% of balance bid amount within the stipulated time
shall render forfeiture of the amount already paid.
27.
Statutory dues/liabilities etc., due to the Government/Local
Body if any shall be borne by the purchaser(s).
28.
Bidders are advised to verify copy of title deeds and all
related details like correctness of extent of the land, dimensions,
Survey Nos., boundaries etc., before participating in the auction.
29.
Successful bidder (Auction Purchaser) shall only contact the
Certificate Holding Banks for parent title deeds and other document
related to the property after the issue of Certificate of Sale by
the Recovery Officer.
30.
Auction Purchaser shall bear the charges/fee payable for
registration of the property as per law.
31.
Employees of Bank, DRT and the e-auctioning company and their
relatives are barred from participating in the auction unless
specifically approved.
32.
All bidders shall be deemed to have read and understood the
conditions of sale be bound by the conditions.
*******
