IDBI BANK LTD. IDBI Tower, WTC Complex, Cuffe Parade Recovery Department, Head Office, 11 th Floor, Mumbai - 400 005 Tele.022-66552082 / 66552338 Mr. Raghu Bir Singh Authorized Officer,(AO) BID DOCUMENT For Sale of Assets of M/s Mira Organics Pvt. Ltd., Panoli. Plot No. 618, Near Ganesh Anand Chowk, Panoli G.I.D.C. Estate, Panoli Chemical Zone, Village Sanjali, Tal. Ankaleshwar, Dist. Bharuch ( Gujarat ) -392 001 & Residential Property at Gandhinagar. Under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and Security Interest (Enforcement) Rules, 2002
CONTENTS. Sr. Particulars Page Nos. No. I. Public Notice for Sale published in the newspapers. 3-4 II. Possession Notice published in the newspapers. 5-6 III. Introduction. 7-8 IV. Secured Assets- Details of Immovable assets. 9 V. Secured Assets- Details of Movable assets. 10 VI. Outstanding dues of the Secured Lenders. 11 VII. Terms & Conditions. 12-15 VIII. Brief Details of Bid/Offer Document. 16 IX. Form of Bid/ Offer. 17-18 X. Form of Appendix to the Bid/Offer. 19-20 XI. Profile of the Bidder. 21 2
I. Copy of the Tender Notice for Sale : ( In English ) IDBI BANK LTD. IDBI Tower WTC Complex, Cuffe Parade, Mumbai 400 005 (Tel. 022-66552082 / 66552338 PUBLIC NOTICE FOR SALE SALE OF MOVABLE & IMMOVABLE PROPERTIES of M/S Mira Organics Pvt. Ltd. The undersigned being the Authorized Officer (AO) of the IDBI BANK Ltd. Under SARFAESI Act, 2002 invites Bids / Offers in sealed covers for sale of the following properties of M/s Mira Organics Pvt. Ltd. having a Registered Office / Factory at Plot No. 618, Panoli G.I.D.C. Estate, Panoli Chemical Zone, Village Sanjali, Tal. Ankaleshwar, Dist. Bharuch ( Gujarat )- 392 001 and the mortgaged residential property at Plot No. 726 / 1, Jagruti Park Society,Sector- 30, Gandhinagar ( Gujarat ) under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with the Security Interest (Enforcement) Rules, 2002, possession whereof have been taken by the undersigned on August 30 th and August 31 st 2012 respectively. 1. Brief description of the Unit : M/s Mira Organics Pvt. Ltd. Was engaged in manufacturing chemicals used in various industries viz. insecticides, pesticides, veterinary drugs, pharmaceuticals and specialty chemicals like Phenyl etc. The unit is closed since last over two years. Names of Directors / Promoters: 1. Shri Sanjay K. Dalsaniya. 2.Shri Rasik J. Dalsaniya. 3. Shri Kinjal J. Vadariya. 2. The details of IDBI s outstanding as on 31.05.2012. ( Rs. in lakh ) Nature of facility. Sanction/ Disbursed. Principal Interest & others Total Cash Credit. 300 300 227.21 527.21 Total 300 300 227.21 527.21 3. Description of Properties: 1. Leasehold Industrial Plot No. 618, G.I.D.C. Panoli Industrial Area, R.S. No. 184/ P within the village limit of Sanjali, Taluka a- Ankaleshwar,Dist. Bharuch ( Gujarat State ) admeasuring about 1477.14 Sq. Mtrs. With RCC building area of about 863 Sq. Mtrs. 2. Machinery/ Equipmenst & Stock of chemical etc. kept and lying in the above factory. 3. Residential House at Plot No. 726 /1, Jagruti Park, Sector 30, Gandhinagar ( Gujarat ) owned by Mr. Jayendra Bhatta. Plot area admeasuring about 1452.60 Sq. Ft. with built up area of about 876.94 Sq. Ft. (Rs.in lakh) S.No. Description of Property Reserve Price Earnest Money Deposit ( EMD) 1. Factory Land & Building. 2. Plant & Machinery. 15 1.50 Stock. Total 95 9.50 3. Residential Property. 44 4.40 Total 139 13.90 Date of Inspection 80 8.00 10.12.2012 & 11.12.2012 Last date of submission of bids 2.01.2013 (up to 4.00 pm) Date of Opening Bids 3.01.2013. (At 2.30 PM. At HO Mumbai). 5. The Bids can be given for one property or for all the three properties given at 1 to 3 at Sr. No. 3 above. However, the AO reserves the right to sell the above properties either in one lot or three lots for all the three properties. 6. The Bank intends to sell the assets detailed above on AS IS WHERE IS AND WHATEVER THERE IS BASIS. 7. Bids / offers should be accompanied with the Demand Draft for the Earnest Money Deposit in the name of IDBI Bank Ltd. A/c Mira Organics Pvt. Ltd. Payable at Mumbai. The EMD will not carry any interest. The AO may permit inter-se bidding amongst the bidders. Bids without DD for EMD will not be completed. 8 The successful bidder will be required to deposit 25 % of the sale price (less amount of EMD) by 1.00 p.m. on 6.1.2013 by crossed A/c Payee Demand Draft / Pay Order drawn in favour of IDBI Bank Ltd. A/c Mira Organics Pvt. Ltd. Payable at Mumbai issued by any Nationalized Bank / Scheduled Bank. The balance amount of sale price shall have to be paid within 15 days of the acceptance of the bid / offer or such extended period as may be agreed upon in writing between the successful bidder and the Authorized Officer. 9 The AO reserves the right to accept/reject any or all the bids without assigning any reasons.in case all the bids are rejected, the AO reserves the right to sell the assets by any of the modes as prescribed in the SARFAESI Act. 10 The Bid Document can be obtained from the undersigned during the period 5.12.2012 to 1.01.2013 on any working day (except on Sunday) between 10.00 a.m. to 2.00 p.m. on payment of non-refundable fee of Rs.300/- ( Rs. Three hundred only) by a crossed A/c Payee Demand Draft / Pay Order drawn in favour of IDBI Bank Ltd. A/c Mira Organics Pvt. Ltd. Payable at Mumbai issued by any Nationalized Bank / Scheduled Bank. 11 The Bid Document can be downloaded from IDBI website (www.idbi.com). Those bidders preferring to download the Bid document shall have to furnish the non -refundable fee of Rs.300/- ( Rs. Three hundred only)as at 10 above at the time of submission of the bid / offer. For inspection of the properties, please contact the Authorized Officer. Date: 27.11.2012. Place: Mumbai. Authorised Officer The above Sale Notice was published in daily Times of India dated 29.11.2012 in English in all Gujarat editions. 3
I. Copy of the Tender Notice for Sale: ( In Gujarati ).: The above Sale Notice was published in daily Sandesh dated 29.11.2012 in Gujarati in Ahmedabad + Surat + Bharuch editions. 4
II. Copy of the Possession Notice: ( In English ). IDBI Bank Limited. IDBI Tower, WTC Complex, Cuffe Parade,Mumbai 400005 PH[ 022-66552082 / 66552338] POSSESSION NOTICE [ Rule 8(1) of Security Interest ( Enforcement ) Rules, 2002] Whereas, The undersigned being the Authorized Officer of IDBI Bank Ltd. under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act), 54 of 2002 and in exercise of the power conferred under section 13(12) read with Rule (9) of the Security Interest (Enforcement) Rules, 2002 issued demand notices dated 19 th January, 2012 calling upon M/s Mira Organics Pvt. Ltd. Having its land ( measuring around 1477.14 sq. meters ) & Building ( measuring around 863 square meters ) and Plant & Machinery at Plot No. 618, G.I.D.C. Estate, Panoli Chemical Zone,Village Sanjali, Taluka Ankaleshwar, Dist. Bharuch, Gujarat to repay the notice amount being Rs.4,79,68,801/ ( Rs. Four crore seventy nine lakh sixty eight thousand eight hundred one only) as on 31.12.2011 with interest thereon at contractual rate from January 1 st 2012 within 60 days from the date of the said notices. The borrowers, mortgagors and the guarantors having failed to repay the amount, notice is hereby given to the borrowers, mortgagors and the guarantors in particular and the public in general that the undersigned has taken physical possession of the properties described herein below in exercise of powers conferred on him under section 13(4) of the said Act read with Rule 9 of the said Rules on 30 th August 2012 and on 31 st August 2012 respectively. The Borrowers, mortgagors and guarantors in particular and the public in general are hereby cautioned not to deal with the property and any dealings with the property will be subject to the charge of IDBI Bank Ltd. for an amount of Rs. 4,79,68,801/- ( Rs. Four crore seventy nine lakh sixty eight thousand eight hundred one only) and interest thereon. Description of Property Name of the property Approximate Area. Date of Owner/Mortgagor Possession. Plot No. 618, G.I.D.C. Estate, Panoli Chemical Zone, Taluka- Ankaleshwar, Dist. Bharuch-392001. ( Gujarat State ). Residential premises at Plot No. 726/1, Jagruti Park,admeasuring 135 square meters in sector 30, Gandhinagar Township of Taluka Gandhinagar, Dist. Gandhinagar ( Gujarat State). M/s Mira Organics Pvt. Ltd. Directors- 1.Mr. Sanjay Dalsaniya. 2.Mr. Rasik Dalsaniya and 3.Mr. Kinjal Vadariya. Mr. Jayendrabhai Shankarlal Bhatt. Leased Land (admeasuring around 1477.14 square meters) & Building (admeasuring around 863 square meters) and Plant & machinery and other movable assets in the factory. Measuring around 135 square meters. 30.08.2012 31.08.2012. Date:September 03,2012. Place: Mumbai. Authorized Officer ( The above possession Notice was published in daily Times of India dated September 6 th 2012 in English in Ahmedabad edition. 5
Copy of the Possession Notice : ( in Gujarati). ( The above possession Notice was published in daily Sandesh dated September 6 th 2012 in Gujarati in Ahmedabad edition + Baroda edition. 6
II. Brief Introduction: M/s Mira Organics Pvt. Limited (the Borrower) was engaged in manufacturing chemicals and specialty chemicals required by top companies like Bayer, Rallies India, United Phosphorous, Tata Chemicals, Gharda, and Cipla etc. The unit is situated at Panoli Chemical zone, in Panoli G.I.D.C., Taluka Ankaleshwar, Dist Bharuch ( Gujarat State) which is the largest chemical zone in Asia. The products of the said unit were used in various industries like insecticides, pesticides, veterinary drugs, pharmaceuticals and specialty chemicals. The company also manufactured Phenyl, Propenol, Amine Hydrochloride etc. M/s Mira Organics Pvt. Ltd was promoted by.mr. Sanjay K. Dalsaniya, Mr. Rasik J. Dalsaniya and Mr. Kinjal J. Vadariya. The unit is having its Registered office / Factory at Plot No. 618, G.I.D.C. Estate, Panoli Chemical Zone,Village Sanjali, Taluka Ankaleshwar, Dist. Bharuch, Gujarat. Tne Borrower availed working capital facility of Rs.300 lakh from IDBI Bank Ltd. in May, 2008. IDBI Bnk is the sole lender of the said unit and has exclusive first charge on all the fixed / current assets of M/s Mira Organics Pvt. Limited. The credit facility is collaterally secured by mortgaged of residential property of Mr. Jayendra Bhatt located at Residential premises at Plot No. 726/1, Jagruti Park,admeasuring 135 square meters in sector 30, Gandhinagar Township of Taluka Gandhinagar, Dist. Gandhinagar ( Gujarat State. The borrower/ promoters of the said unit could not service its debt availed with IDBI Bank Limited and resultantly the loan account of the company with IDBI Bank Limited was classified as Non- Performing Asset( NPA )on 30.7.2010 as per the prudential norms of the Reserve bank of India ( RBI). IDBI Bank Limited issued demand notices to M/s Mira Organics Pvt. Ltd., its promoters / directors, mortgagors and guarantors under section 13 (2) Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act) and in exercise of the power conferred under section 13(12) read with Rule (9) of the Security Interest (Enforcement) Rules, 2002 of on 19 th January, 2012 requiring them to repay the notice amount being Rs.4,79,68,801/ ( Rs. Four crore seventy nine lakh sixty eight thousand eight hundred one only) outstanding as on 31.12.2011 plus further interest thereon at contractual rate from January 1 st 2012 within 60 days from the date of the said notices plus other expenses etc. The Borrowers failed to clear the dues of IDBI bank Ltd. as per the demand notices. Shri Raghu Bir Singh the Authorized Officer (AO) of the IDBI Bank Ltd took physical possession of the mortgaged securities and hypothecated assets of M/s Mira Organics Pvt/ Ltd. On August 30 th 2012 & August 31 st 2012 under the provisions of section 13(4) of the Securitization Act, 2002 and the rules made thereunder. 7
After taking possession of the assets, the possession notices were published in two local newspapers on 6.09.2012 as required under SARFAESI Act. The AO has got the assets valued after raking possession as required under the SARFAESI Act. Shri Raghu Bir Singh, Deputy General Manager, presently working at Recovery Department at the Head Office of IDBI Bank Limited at Mumbai is appointed as the Authorized Officer ( AO ) under the Securitization Act for taking steps for the sale of securities of M/s Mira Organics Pvt. Ltd under the provisions of SARFAESI Act, 2002. IDBI Bank has issued the Sale Notice for sale of movable and immovable assets / securities in possession of IDBI Bank Limited requiring the interested buyers/ bidders to submit their bids/ offers in the prescribed format given in the Bid Document along with the Earnest Money Deposit to the Authorized Officer ( AO) of IDBI Bank in this regard at Recovery Department at Head office of IDBI Bank Limited at Mumbai on or before January 2. 2013 up to 4.00 pm. Bids will be opened on 03.01.2013 at 2.30 pm at Recovery Department, IDBI Bank, Head Office, IDBI Tower, 11 th floor, Cuffe Parade, Mumbai-400 005. The list of secured assets being put on sale as mentioned in Annexure ( IV ) and ( V ) hereunder. *********************** 8
DETAILS OF SECURED ASSETS : IV ] IMMOVABLE ASSETS / PROPERTIES : Description of Property Name of the property Owner/Mortgagor Factory Land & Building in M/s Mira Organics Pvt. Ltd. Plot No. 618, G.I.D.C. Directors- Estate, Panoli Chemical 1.Mr. Sanjay Dalsaniya. Zone, Near Ganesh Anand 2.Mr. Rasik Dalsaniya and Chowk, 3.Mr. Kinjal Vadariya. Taluka- Ankaleshwar, Dist. Bharuch-392001. ( Gujarat State ). Mortgaged Residential premises at Plot No. 726/1, Jagruti Park,admeasuring 135 square meters in sector 30, Gandhinagar Township of Taluka Gandhinagar, Dist. Gandhinagar ( Gujarat State). Mr. Jayendrabhai Shankarlal Bhatt. Approximate Area. Leased Land (admeasuring around 1477.14 square meters)(about 15900 SFT) & Building (admeasuring around 863 square meters) and Plant & machinery and other movable assets in the factory. Measuring around 135 square meters. Boundaries of above properties: Sr. Property. No. 1 Factory Land & Building in Plot No. 618, G.I.D.C. Estate, Panoli Chemical Zone, Taluka- Ankaleshwar, Dist. Bharuch-392001. ( Gujarat State ). Towards North Green space/open. (Burial ground). Towards South 30.00 Mtr. Wide Road. Towards West Plot No. 104 /P. Towards East. 10.00 Mtr. Green Space. 2 Mortgaged Residential premises at Plot No. 726/1, Jagruti Park Society, Near Primary school,in sector 30, Gandhinagar Township of Taluka Gandhinagar, Dist. Gandhinagar ( Gujarat State). Plot 721. No. 8 Mtrs. Wide Road. Plot 726/2. No. Reserve Open land. 9
V. Movable assets: List of the movable assets at M/s Mira Organics Pvt. Ltd. Sr. No. Description Quantity ( Nos.) 1 Glass line vessel-5000 Ltrs.-Reactor-(Glass & M.S. Iron)-with 1 M.S. Mounting & scaffolding. 2 Brick line vessel- Steel Tank for acid storage. 25 ft. in height. 1. 3 Vaporization seven pipelines, 200 fts. - 4 Glass line Reactor vessel of 3000 Ltrs capacity. 1 5 Plastic drums with unknown chemicals. 5 6 MS Drums with unknown chemicals. 3 7 SS Reactor capacity 2500 Ltrs. 1 8 SS Reactor capacity 1500 Ltrs. 1 9 SS Reactor capacity 3000 Ltrs. 1 10 SS Reactor capacity 2000 Ltrs. 1 11 MS Cooling Tower 15 Ft. 1 12 Plastic drums. Empty. 13 13 Plastic drums with unknown chemical. 9 14 Small empty / half filled drums with unknown chemicals. 18 15 Stem boiler ( 2 Lakh Calories). 1 16 Glass Line Assembly. 200 Ltrs. 1 17 MS drums with chemicals. 8 18 Scrap shidi. 1 19 FBD- SS Material.300kg. 1 20 Scrap table 1 21 Fibre drum 2 22 Stock of Mono Methylamine Hydrcloridebags. About 50 kg. 30 each. 23 RM- Clorobutorn. Total about 300 kg. 20 24 Scrapped /corroded shutter. 1 25 Air Scrabber with MS Blower and pipeline. 1 26 HCL acid Gas circulation cylinder. 1 27 Plastic empty drums. 4 28 Small plastic drums with nitric acid. 35 kg. each. 90 29 Electric Panel Board. 1 30 Air Blower. 1 31 Plastic drums with unknown chemicals. 12 32 MS drums with unknown chemicals. 5 33 15 Sodium Nitrate bags. ( Spoiled condition.) 10
VI. OUTSTANDING DUES OF THE SECURED LENDERS: Outstanding as on 31.05.2012. ( plus further Interest.) of M/s Mira Organics Pvt. Ltd. Name of Secured Lender Nature of assistance Amount (Rs.in lakh) IDBI Bank Ltd. Cash credit Loan Cash credit Loan- Principal dues. 300.00 Interest 227.21 Grand Total 527.21 11
VII. TERMS AND CONDITIONS. : 1 The Authorized Officer (AO)of IDBI Bank exercising the powers under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with Security Interest (Enforcement) Rules, 2002 (hereinafter referred to as "the SARFAESI Act") is selling the assets/properties mentioned at item No. IV & V of the Bid Document (hereinafter referred to as the 'Secured Assets') and the same are being sold on AS IS WHERE IS AND WHATEVER THERE IS Basis. It is free from charges and encumbrances of the secured lender mentioned at item No.VI of the Bid Document. IDBI Bank is having the exclusive first charge on the entire fixed assets of the company including factory land & Building and Plant & Machinery and the current assets. 2 Issue of Bid Document: The Bid Document along with Bid/Offer Form is on sale from December 11 th,2012 to January 1 st 2013 on any working day (except Sundays) between 10.00 a.m. and 5.00 p.m. and can be obtained from Recovery Department of the IDBI Bank Limited, Head Office, Mumbai by making payment of non-refundable fee of Rs.300/- (Rupees Three hundred only) towards cost of the Bid Document by way of crossed A/c Payee Demand Draft/Pay Order drawn in favor of "IDBI Bank Ltd. A/c Mira Organics Ltd." payable at Mumbai issued by any Nationalized Bank/Scheduled Bank. 3 Reserve Price: The Reserve price for the sale of the Secured Assets is Rs.139.00 lakh (Rupees One crore thirty nine lakh only) as detailed on page (3) of this Bid document at Sr. No. (4). The offer can be made for one or more properties detailed on page (3) Sr. No. (3) and (4) for the respective Reserve Price. 4 The sale of Secured Assets is on "As is where is and whatever there is basis. The description of the immovable properties is based on the mortgages created by the Borrower with the secured lenders from time to time and the representations made by them. The description of movable properties are based on the inventory prepared by the agency appointed by the AO showing the status as on August 30 th 2012. The AO does not take or assume any responsibility for any shortfall of the movable/immovable assets or for procuring any permission, etc. or for the dues of any authority established by law. It is expressly made clear that the AO does not take or assume any responsibility for any dues, statutory or otherwise, of M/s Mira Organics Pvt. Ltd including such dues that may affect transfer of the assets in the name of the purchaser and such dues, if any, will have to be borne/paid by the purchaser. If the movable & immovable properties are sold in different lots, the responsibility of payment of all the dues, if any, will be that of the buyer of respective immovable properties. 5 Inspection of assets The interested parties may inspect the assets at their own cost between 10.00 a.m. and 5.00 p.m. on the assigned date i.e. December 10 th & December 11 th 2012 in the presence of a representative of Enforcement Agent / Custodian of IDBI Bank viz. INVENT ARC Pvt. Ltd. Mumbai. For inspection of assets,any further clarifications, the Authorized Officer / concerned dealing officer may be contacted on 022-66552082 or 022-66552338. 12
6 Due Diligence by the Bidders : The interested parties may carry out their own comprehensive due diligence in respect of the Secured Assets including any dues relating to the Secured Assets. A bidder shall be deemed to have full knowledge of the condition of the assets, relevant documents, information, etc. whether the bidder actually inspects or visits or verifies it or not. 7 The bidders shall be deemed to have inspected and approved the Secured Assets to their entire satisfaction and for the purpose, the Bidders may, in their own interest and at their own cost, verify the area of land and buildings and details of movable assets and any other relevant information before submitting the Bids. It shall be presumed that the bidder has satisfied himself/herself about the names, descriptions, particulars, quantities, qualities, specifications, measurements, boundaries and abuttal of the assets/properties and that the bidder concurs or otherwise admits the identity of the assets/properties purchased by him/her notwithstanding any discrepancy or variation, by comparison of the description in the particulars of the assets/properties and their condition. 8 The Bidder shall not be entitled to receive re-imbursement of any expenses which may have been incurred in preparation of the Bid/Offer for submission and/or for carrying out due diligence, search of titles to the assets and matters incidental thereto or for any other purpose in connection with purchase of the assets under reference. 9 Submission of Bid/Offer : The Bid shall be complete in all respects. The Bid/Offer forms are annexed to the Bid Document. The Bidder should quote the offer amount for one or more properties stated above as per his/her desire and furnish the information called for therein and shall sign and date each of the documents in the space provided therein for the purpose. The Bidder shall initial each page of the Bid/Offer. The above three assets will be sold in three different lots or in one or more lots. 10 The Bid/Offer shall be signed by a person or persons duly authorized by the Bidder with signature duly attested. 11 The Bid/Offer shall contain the full address, Telephone No., Fax No., e-mail-id, if any, of the Bidder for serving notices required to be given to the Bidder in connection with the Bid/Offer. 12 The Bid/Offer form and the documents attached to it shall not be detached one from the other and no alteration or mutilation (other than filling in all the blank spaces) shall be made in any of the documents attached thereto. 13 Last date for submission of Bid/Offer Document : The interested parties may submit their unconditional and unqualified bids to Mr. Raghu Bir Singh, Authorized Officer, IDBI Bank Ltd.- Recovery Department, Head Office, IDBI Tower, 11 th Floor, WTC Complex, Cuffe Parade, Mumbai -400 005 in two separate sealed covers so as to reach the AO not later than 4.00 p.m. on January 2 nd 2013, one sealed cover containing a crossed A/c Payee Demand Draft/Pay Order for the amount equivalent to Earnest Monet Deposit (EMD) for the asset/s intended/offered to be purchased, [ as specified in the Tender Notice for sale dated November 27 th 2012 ]drawn in favor of "IDBI Bank Ltd.-A/c- M/s Mira Organics Pvt. Ltd.. " payable at Mumbai issued by any Nationalized Bank/Scheduled Bank as Earnest Money Deposit (EMD), which shall be super scribed EMD for M/s Mira Organics Pvt. Ltd. and the other sealed cover containing the Bid Document super scribed Bid for M/s Mira Organics Pvt. Ltd." 13
14 Opening of Bids :The AO will open the envelopes /bids at Recovery Department, Head Office, IDBI Tower, 11 th Floor, WTC Complex, Cuffe Parade, Mumbai -400 005 on January 3 rd, 2013 at 2.30 pm in the presence of the Bidders present & the Borrowers, if they choose to remain present. Covers containing EMD shall be opened first and only those bidders will be permitted to remain present whose Demand Draft/Pay Order for EMD are found to be in order. 15 The second covers of only those bidders will be opened whose covers containing EMD have been found to be in order. The unqualified bidders shall have the opportunity to participate in inter-se bidding to increase their bids on such terms and conditions as may be decided by the Authorized Officer. 16 Bids/Offers with amount less than the respective Reserve Price as specified in the Tender Sale Notice shall be out rightly rejected. Form of Bid /Offer if found incomplete in any respect shall also be liable for outright rejection. 17 The AO reserves the right to adjust arithmetical or other errors in any Bid/Offer in the manner in which the AO considers suitable or deems fit. Any adjustments so made by the AO shall be stated to the Bidder if the AO makes an offer to accept his Bid/Offer. 18 Payment of Sale Price :The successful bidder would be informed in writing about the acceptance of his/her bid/offer by the AO and he/she will be required to deposit 25% of the sale price (less the amount of EMD already deposited ) by on or before January 6 th 2013 by 1.00 pm by crossed A/c Payee Demand Draft/Pay Order drawn in favor of "IDBI Bank Ltd.-A/c M/s Mira Organics Pvt. Ltd. " payable at Mumbai issued by any Nationalized Bank/Scheduled Bank. The balance amount of the sale price shall have to be paid within 15 days of acceptance of the bid/offer or within such extended period as may be agreed upon in writing between the successful bidder and the AO. 19 In case the successful bidder fails to deposit 25% of the sale price, the AO shall forfeit the Earnest Monet Deposit amount (EMD) and if the successful bidder backs out after paying 25% of the sale price, then AO shall forfeit the 25% of the sale consideration so deposited including the EMD amount. 20 The defaulting successful bidder shall forfeit all claims to the assets or to any part of the sum for which it may be subsequently sold. 21 On confirmation of sale and if the terms of payment have been complied with, the AO exercising the power of sale shall issue the Certificate of Sale for the movable and immovable property in favor of the purchaser as per the format provided in the Security Interest (Enforcement) Rules, 2002. 22 The successful Bidder shall, after making full payment of sale price within 15 days of acceptance of bid/offer or such extended period as may be granted by the AO at his/her sole and absolute discretion, arrange to take possession of the Secured Assets within a maximum of 30 days. It is explicitly stated that once the Sale Certificate is issued by the AO, the AO will not be held responsible for security and safe- keeping of the Secured Assets. In case the successful bidder fails to take possession of the secured assets as stated above, the AO reserves the right to revoke the sale confirmed in his/her favour, forfeit the entire amount paid by the successful bidder and go for re-bidding or sell the secured assets by any of the modes as prescribed in the SARFAESI Act including sale by negotiation with any of the bidders and/or other parties by private treaty. In such an event, the original successful bidder shall have no claims on the secured assets or to any amount /s for which it may be subsequently sold. 14
23 The purchaser will be required to bear all the necessary expenses like stamp duty, registration expenses, etc. for transfer of assets in his/her name. It is expressly stipulated that there are no implied obligations on the part of the AO or the secured lenders and it shall be solely the obligation of the Bidder, at his/her cost, to do all acts, things and deeds whatsoever for the completion of the sale including payment of dues, if any, to get the assets transferred in the name of the purchaser. 24 The submission of the Bid/Offer means and implies that the Bidder has unconditionally and irrevocably agreed to and accepted all the above terms and conditions of the Bid/Offer laid down herein. 25 The time hereinabove fixed for the observance and performance by the bidder of any of the obligations to be observed by him/her under these conditions is and shall be deemed to be of the essence. 26 General Terms and Conditions The AO shall be at liberty to amend/modify/delete/drop any of the above conditions as may be deemed necessary in the light of the facts and circumstances. 27 The entire procedure of opening of Bids/Offers, the sequence of opening and bidding, etc. shall be at the sole and absolute discretion of the AO and the intending bidders shall have no right whatsoever to object to the same. 28 The AO reserves the right and liberty to accept/reject any or all the Bids/Offers and also reserves the right to cancel the entire sale process without assigning any reasons. In case all the bids are rejected or the successful bidder fails to make payments as required in the Bid Document or withdraws his/her bid, the AO, at his sole and absolute discretion, reserves the right to go for re-bidding or sell the assets by any of the modes as prescribed in the SARFAESI Act including sale by negotiation with any of the bidders and/or other parties by private treaty and the Bidders shall have no right to object to the same. 29 In the event the said sale in favor of the bidder not being confirmed by AO, otherwise than on account of the willful default of the bidder or if the sale is set aside by an order of the Court/Tribunal, then in that event the sale shall be void and the bidder shall, in that event be entitled only to receive back his/her Earnest Money Deposit (EMD) or purchase money as the case may be, but without interest, and the bidder shall not be entitled to be paid his costs, charges and expenses of and incidental to the said sale and investigation of title or any other costs incurred by him/her. 30 Notwithstanding anything stated elsewhere in this Bid Document, the AO reserves the right to call off the sale process at any point of time without assigning any reasons. 31 Jurisdiction All disputes arising amongst the parties shall be adjudicated according to Indian Law and the Courts in Mumbai alone shall have jurisdiction to entertain /adjudicate such disputes. 15
VIII. BRIEF DETAILS OF BID/OFFER DOCUMENT IDBI BANK LTD. BID/OFFER FORM FOR PURCHASE OF SECURED Movable / Immovable ASSETS/PROPERTY / Securities of M/s Mira Organics Pvt. Ltd., Panoli G.I.D.C., Panoli. 1. At Plot No. 618, G.I.D.C. Estate, Panoli Chemical Zone, Near Ganesh Anand Chowk, Taluka- Ankaleshwar, Dist. Bharuch-392001.( Gujarat State ) and / or 2. The Mortgaged Residential premises at Plot No. 726/1, Jagruti Park Society, Near Primary school,in sector 30, Gandhinagar Township of Taluka Gandhinagar, Dist. Gandhinagar,( Gujarat State) of Mr. Jayendra Shankarlal Bhatt. 1 Issue of Bid/Offer Document : The Bid/Offer Document can be obtained from the Authorized Officer Shri Raghu Bir Singh, IDBI Bank Ltd., Recovery Department, Head Office, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai 400 005 from 11.12.2012 to 1.1.2013 on any working day (except Sunday) between 10.00 a.m. and 2.00 p.m. on payment of a non-refundable fee of Rs.300/-- (Rupees Three hundred only) by a crossed A/c Payee Demand Draft/Pay Order drawn in favor of "IDBI Bank Ltd. " payable at Mumbai issued by any Nationalized Bank/Scheduled Bank. The Bid/Offer Document can also be downloaded from IDBI website (www.idbibank.com). Those bidders preferring to download the Bid Document from the website shall have to furnish the non-refundable fee of Rs.300/- (Rupees Three hundred only) as mentioned above at the time of submission of the Bid. 2 Cost of the Bid/Offer Document 3 Last Date and time for submission of Bid/Offer : Rs.300/- (Rupees Three hundred only) : On or before 2.01.2013 up to 4.00 PM 4 Place, Date and time of opening of Bids/Offers : IDBI Bank Ltd. Recovery Department, 11 th Floor, IDBI Bank Ltd,. Head Office, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai 400 005 on 3.01.2013 at 2.30 PM 16
IX. FORM OF BID/OFFER : FORM OF BID/OFFER FOR PURCHASE OF SECURED ASSETS/PROPERTY OF ASSETS/PROPERTY / Securities of M/s Mira Organics Pvt. Ltd., Panoli G.I.D.C., Panoli. 1. At Plot No. 618, G.I.D.C. Estate, Panoli Chemical Zone, Near Ganesh Anand Chowk, Taluka- Ankaleshwar, Dist. Bharuch-392001.( Gujarat State ). and / or 2. The Mortgaged Residential premises at Plot No. 726/1, Jagruti Park Society, Near Primary school in sector 30, Gandhinagar Township of Taluka Gandhinagar, Dist. Gandhinagar,( Gujarat State) of Mr. Jayendra Shankarlal Bhatt. (To be filled and submitted by the Bidder/Offerer) 1 a) Full Name of the Bidder/Offerer (in Block letters) b) Complete Postal Address with PIN Code, Telephone Nos.; Fax Nos.; Mobile Nos.; e-mail ID; Website, etc. : : 2 Brief particulars of business : 3 Relationship, if any, the Bidder/Offerer has with any employee of IDBI Bank Ltd. : 4 Amount quoted by the Bidder/ Offerer for purchase of the Secured Assets/property ( Lot No. 1/2/3 ). In figures. : 1. Rs. 2. Rs. 3. Rs. Total Rs. ---------------------- 5 Name and particulars of the Company/Firm/Person in whose name the Secured Assets/property are to be purchased. : 17
6 Details of Earnest Money Deposit (EMD) of Rs. : 1. Lot No. (1) Rs. 2. Lot. No. (2) Rs. 3. Lot No. (3) Rs. i) Demand Draft No. / Pay Order No. ( Separate DD for the EMD of each lot please.) ii) Date of Demand Draft / Pay Order : : 1. Lot No. (1) Rs. 2. Lot. No. (2) Rs. 3. Lot No. (3) Rs. 1. Lot No. (1) date- 2. Lot. No. (2) date- 3. Lot No. (3) date- iiii) Name of the issuing Bank and Branch : 1. Lot No. (1) - 2. Lot. No. (2) 3. Lot No. (3) - 7 Income Tax Permanent Account Number(s) (PAN) of Bidder /Offerer. : I/We have read and understood the detailed terms and conditions of the sale and have also read, perused and understood all the relevant papers and have carried out my/our own due diligence. In case any information is found to be incorrect/incomplete, I/We shall not hold the Authorized Officer or secured lenders responsible for the same and shall not have any claim whatsoever against either of them. Signature of the Bidder/Offerer Place: Date: Name and Designation of the Authorized Signatory 18
X. FORM OF APPENDIX TO THE BID/OFFER (DECLARATION BY THE BIDDER) FORM OF BID/OFFER ASSETS/PROPERTY / Securities of M/s Mira Organics Pvt. Ltd., Panoli G.I.D.C., Panoli. 1. At Plot No. 618, G.I.D.C. Estate, Panoli Chemical Zone, Near Ganesh Anand Chowk, Taluka- Ankaleshwar, Dist. Bharuch-392001.( Gujarat State ). and / or 2. The Mortgaged Residential premises at Plot No. 726/1, Jagruti Park Society, Near Primary school,in sector 30, Gandhinagar Township of Taluka Gandhinagar, Dist. Gandhinagar,( Gujarat State) of Mr. Jayendra Shankarlal Bhatt. (Note: This Appendix forms part of the Bid/Offer) To, Shri Raghu Bir Singh. Authorized Officer, IDBI Bank Ltd. Recovery Department, IDBI Tower,11 th Floor, WTC Complex, Cuffe Parade,Head Office, Mumbai- 400 005. Sir, SALE OF SECURED ASSETS/PROPERTY OF M/s Organics Pvt. Ltd. Panoli G.I.D.C., Panoli. 1 Having fully examined and understood the terms and conditions of the Bid Document and condition and status of the Secured Assets/property, I/We offer to purchase the said Secured Assets strictly in conformity with the terms and conditions of this Bid/Offer Document. 2 I/We understand that if my/our Bid/Offer is accepted, I/We shall be responsible for the due observance and performance of the terms and conditions of the Bid/Offer and acquire the Secured Asset/property. Should I/We fail to execute and perform the terms and conditions when called upon to do so, the Earnest Money Deposit (EMD) shall be forfeited. I/We further understand that if my/our Bid/Offer is accepted, should I/we fail to deposit the balance amount of 75% of the sale consideration (after having paid 25% of the sale consideration) by the stipulated date, the said amount of 25% of the sale consideration (including Earnest Money Deposit) or any further amount/s paid by me/us shall also be forfeited, as laid down in the terms and conditions of the Bid Document. I/We further understand that if my/our Bid/Offer is accepted, after making full payment of the sale price within 15 days of acceptance of bid/offer or such extended period as may be granted by the AO at his sole and absolute discretion, I/we shall arrange to take possession of the secured assets within a maximum of 30 19
days. I/We understand that once the Sale Certificate is issued by the AO, the AO shall not be held responsible for security and safekeeping of the secured assets. We further understand that in the event I/We fail to take possession of the Secured Assets as stated above, the AO reserves the right to revoke the sale confirmed in my/our favor and forfeit the entire amount paid by me/us and I/we shall have no claims on the secured assets or to any amount/s for which it may be subsequently sold. 3 I/We clearly understand and accept that the Authorized Officer or the secured lenders do not take or assume any responsibility for any dues, statutory or otherwise, of M/s Mira Organics Pvt. Ltd. or the dues on the mortgaged house property at Gandhinagar including such dues that may affect transfer of the assets in the name of the purchaser and such dues, if any, will have to be borne/paid by me/us in case my/our Bid/offer is accepted. 4 I/We understand that you are not bound to accept the highest or any Bid/Offer you may receive. Further, I/we will not raise any objection in case the Authorized Officer goes for re-bidding or sell the assets by any of the modes as prescribed in the SARFAESI Act including sale by negotiation with any of the bidders and/or other parties by private treaty. 5 I/We understand that time is the essence for completing the acquisition formalities of the Secured Assets/property and I/we agree and undertake to abide by it. 6 I/We also enclose 1. Demand Draft/Pay Order of Rs. 2. Demand Draft/Pay Order of Rs. 3. Demand Draft/Pay Order of Rs. towards Earnest Money Deposit (EMD) of lot 1 / 2 / 3 in the name of "IDBI Bank Ltd.-A/c M/s Mira Organics Pvt. Ltd.." payable at Mumbai. We understand that the EMD will not carry any interest. 7 We understand that the Bid/Offer should be unconditional and Bid/Offer having conditions contrary to the terms and conditions of the Bid/Offer document can be summarily rejected. Dated... day of... 2012 / 2013 Signature.... in the capacity of... duly authorised to sign Bid/Offer for and on behalf of...name and address of the Bidder/Offerer) (IN BLOCK CAPITALS) 20
XI. PROFILE OF THE BIDDER COMPANY/FIRM/PARTY: 1. Name of the Company/Firm/Party 2. Correspondence Address in full (With PIN CODE) Telephone No. (with STD Code) Fax No. e-mail ID Website address, if any Address of Registered Office (in case of a company) Telephone No. (with STD Code) Fax No. e-mail ID 3. Date of Incorporation 4. Constitution (Private/Public/Joint) 5. Name of Chairman 6. Name of Managing Director 7. Board of Directors a) b) c) d) e) f) 8. Income tax PAN No. 9. Date of Last Income Tax Return (Enclose copy of last 3 years' Income Tax clearance certificate) Signature: Name of the Authorized Person : Designation: Company Seal All authorizations should be annexed to this form. 21