Microsoft word - online auction sale - terms & conditions

India SME Asset Reconstruction Company Ltd.
MSME Development centre, Plot No. C-11, Bandra Kurla Complex, Bandra (East), Mumbai-400 051. Ph # (022) 61579600 Fax: 61579699. ONLINE AUCTION SALE

Conducted by: MatexNet Pvt. Ltd.
711 Commodity Exchange Building, Sector 19, Vashi, Navi Mumbai – 400705.
Tel: +91 22 32579884/ 85/ 86
E Mail: [email protected]. Site: www.matexnet.com
MatexNet Pvt Ltd is an e-commerce service provider which conducts online auction and obtains rates online through their portal, www.matexnet.com. In this regard, the sale & purchase are made directly between the Bank / ARCs & the Bidders where MatexNet Pvt. Ltd. facilitates the online auction process by providing a platform for the bidding and sale of Assets possessed under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Act, 2002 (SARFAESI Act). This is only for the purposes of intimation. MatexNet Pvt. Ltd. on behalf of ISARC is organizing online auction of assets under the SARFAESI Act. India SME Asset Reconstruction Co. Ltd. Mumbai has decided to sell the following mortgaged Properties secured for various loan facilities granted, through online auction. Name of the Borrowers &
Guarantors and Amount
Borrower:M/s.Yash
Enterprises, No.18/1,
Ghodbunder Road, Near Hari Bhakti, Post Mira, Thane – Gurantor: Shri.Upendra
Das & Shri.Rekha Das, Flat
No.402, 4th floor, D-wing,
Mahadev Apartment, Thakur
Village, Kandivali (E),
Amount Due:
Rs.5370392.49 (Rupees Fifty
Three Lakh Seventy Thousand Four Hundred Only ) as on May 31, 2011 plus further interest, Liquidated damage thereafter. Borrower: Digital FX Pvt.
(W). Gurantors:
Amount Due:
Nine Thousand Nine Hundred & Paise Sixty Two only) as on May 31, 2011 plus further Interest, area and carpet area of 422 sft, Survey no 41, Plot No B-31, Siddhivinayak Plaza, Near Andheri (W). AND Plant and
Machinery used for carrying
out editing works and special
effects for film and TV serials.
Plot No. A-88, Five Star MIDC, Kagal Hatkanangale, Borrower: Sri Crystal Sugar
Pvt. Ltd 1243/61 - 64/A, E Ward, Shivaji Udyamnagar, Guarantors: Shashikala
Amount Due:
Rs.19105527.91 ( Rupees
AND Flat No. 203, situated Rs. 118,55,000/- Paise Ninety One Only) as on May 31, 2011 plus Complex, New Shahupuri, E Ward, Kolhapur (admeasuring 77.42 sq. mtrs.) SCHEDULE OF PROGRAMME
Inspection of Assets for Item July 12 & 13,2011 between 10.00 AM. & 4.00 PM Strictly by prior
No.2 & 3
appointment.
Inspection in respect of Item No.1 may not be possible since ISARC
has taken Symbollic Possession. The bidders may satisfy about the
same.
EMD collection closes
Online Auction
July 20th, 2011 Time : 3.00 PM to 4.00 PM
July 21, 2011
successful Bidders
Training on DEMO/ MOCK e-
July 19,2011 between 3.00 PM to 4.00 PM
All post-Auction Payments to be made at ISARC. When bids are accepted and approved: 25% of
Highest bid to be paid within 2 days and balance amount is payable to the ISARC on or before the 15th
(FIFTEENTH) DAY OF CONFIRMATION OF SALE by the Authorised Officer or such extended period as
agreed upon in writing by and solely at the discretion of the Authorised Officer.
MSME Development centre, Plot No. C-11, Bandra MatexNet Pvt. Ltd.
Contact Person: Shri.Raghu N Pillai
Contact Person: Mr.Prabhu Palanivelu &
Mr.Yogesh Nerkar
Phn: (022) 61579600 FAX : 61579699
E mail: [email protected] &
Terms & Conditions for all Participants / Bidders for the Online Auction, organized by
MatexNet Pvt. Ltd. on behalf of ISARC.

ISARC: ISARC referred in this condition of sale, is India SME Asset Reconstruction
Company Ltd. Please refer to the details provided hereinabove in the Schedule Program AUCTIONEER: -MatexNet Pvt. Ltd (MatexNet) is an agency appointed as an auctioneer to
facilitate virtual auction by the custodian. They are expected to facilitate organizing & conducting an online auction and are considered as third party not particularly interested in the item being sold on behalf of ISARC. Please refer to the details provided hereinabove in the Schedule Program. BIDDER – Any person viz as an individual OR a proprietor OR a partner OR an authorized
representative of any company and who is paying the requisite EMD and/or who is participating in online auction registered at Matexnet is considered as a bidder for the purpose of this Auction and Sale. One individual can represent as a bidder on his own behalf and on behalf of other companies provided he registers himself in that capacity separately i.e. for each representation he should pay separate Earnest Money Deposit.
GENERAL TERMS & CONDITIONS

1) The assets put up for sale are assets taken over under the SARFAESI Act by ISARC and ISARC may withdraw from sale at any time before it is actually sold without assigning any reason for such withdrawal. 2) The Bidders are advised in their own interest to verify the area of the land and building along with the built up areas as also the above and any other dues from the respective authorities to their satisfaction before participation. 3) Announcements during the auction on the website including announcement of any additional conditions OR correction in the catalogue and/or additions or deletions of items being offered for sale are being done with the consent and knowledge of ISARC, which shall be binding on the bidder. 4) The property offered for sale is on “AS IS WHERE IS & WHATEVER THERE IS”
basis. ISARC does not undertake any responsibility to procure any permission/license etc. in respect of the property offered for sale or for any outstanding dues like customs/excise (state/central), sales tax(Central/ State), water/service charges, transfer fees, electricity dues, octroi, dues of the Municipal Corporation/local authority, taxes, if any, in respect of the said property. 5) The principle of “Caveat emptor” will apply. 6) Validity: The auction bidders must keep their bids valid for a period of 60 calendar
days from the date of closing of Auction excluding the date of closing. In case the 60th day falls on a holiday or remains closed for the seller, such Bids will be deemed to be automatically extended to be valid up to the next working day of seller. DISCLAIMER:
7) ISARC/Matexnet takes no responsibility of the quality, quantity, documentation details of properties/assets. Both the buyers & sellers agree to defend indemnity and hold harmless Matexnet from any loss, damage, cost and expenses caused by any reason during this transaction. In no event shall Matexnet be liable for any loss for the transactors by business, revenues, profit, costs direct and incidental, consequential or punitive damages of any claim. Both the parties viz ISARC and successful Bidder agree to have discussed all the related matter regarding this transaction and have understood in full that Matexnet has provided a source of supply and has nothing to do any further especially with regards to quality, warranty, guarantees, delivery schedules, payments, rejections, transportation, legal laws and regulations to be followed from time to time etc. Since Matexnet does not possess knowledge base of the commodities under transaction both the parties agree that the matter contained in the materials as a part or as a whole does not violate any applicable law. Matexnet Pvt. Ltd. is only an e-commerce service provider, and is not and cannot be a party to or control in any manner any transactions between the Seller and Bidder. Matexnet Pvt. Ltd. shall neither be responsible nor liable to mediate or resolve any disputes or disagreements between the Seller and Bidder. 8) MatexNet runs its business on the basis of a robust Website. However, MatexNet is outsourcing server space from a third party hosting company and hence shall ensure
the smooth running of the website. ISARC/MatexNet will not be held responsible for
any failure of power, network, server, hosting server, internet connectivity, ISP or
otherwise at Bidder’s end or at ISARC/MatexNet directly or indirectly affecting Online
method of Bidding.
9) ISARC/Bidder agrees to limit the liability of MatexNet Pvt. Ltd. to them for any and all claims, losses, costs, damages of any nature whatsoever or claims expenses from any cause or causes, including attorneys’ fees and costs, so that the total aggregate liability of MatexNet Pvt. Ltd. to the Seller/Bidder shall not exceed it’s total fee receivable from the Seller/Bidder. It is intended that this limitation apply to any and all liability or cause of action however alleged or arising, unless otherwise prohibited by law. 10) PARTICIPATION for Auction: -
a. For Online Bidding, prospective bidder should have a valid e-mail ID. b. The prospective bidder has to register with the auctioneer MatexNet Pvt. Ltd. The prospective bidder shall have to deposit Earnest Money Deposit (EMD) (refer List
for item-wise EMD) by Demand Draft / Pay Order on any Scheduled / Nationalized
Bank drawn in favour of “ISARC” payable at Mumbai. CASH will not be
accepted.
c. The prospective bidder has to submit the Declaration Form duly filled along with
copy of their PAN card and proof of their address in the form of latest telephone bill / electricity bill / one year bank account statement. d. The EMD and Declaration Form has to be submitted directly to any office of MatexNet Pvt. Ltd. (see details of MatexNet’s Regional / Branch Offices in MatexNet’s Website www.matexnet.com). e. Bidders/ Bank may note that any payments by DD or PO towards EMD or other purposes received by MatexNet on behalf of ISARC/Bidder shall be handled in good faith and intention. However MatexNet shall not be responsible for the loss of the DD from its custody due to reasons beyond its control such as fire, theft, burglary, loss in transit, accident, war, riots, civil commotion, any terrorist activity, any natural calamity, adverse weather and climatic conditions etc. f. On payment of EMD for Online Bidding, MatexNet will activate the User – Identity g. Bidders SHOULD NOT disclose their PASSWORD to anyone and safeguard its h. Bidders are advised to change the Password. Refer the “Steps of Actual Bidding 11) CONDITIONS APPLICABLE TO “On-line” AUCTION
1. Time Extension: If any market-leading bid (bid higher than the highest at the point in time) is received within the last 3 minutes (“Time Extension” as mentioned in the Bidding Room will be in force & 3 Minutes is an example) of closing time, the time will be extended automatically by 3 minutes. 2. Training: MatexNet will provide training (on-line) if required by the bidders at a mutually convenient date and time before the Auction. 3. Bids: All bids placed are legally valid bids and are to be considered as bids
from the bidder himself. Once the bid is placed, the Bidders cannot reduce or
withdraw the bid for whatever reason. If done so, the seller will forfeit the
EMD. The highest and the latest bid on the Auction shall supersede all the
previous bids of the bidder. The bidder with the highest offer/ bid does not get
any right to demand acceptance of his Bid.
4. The Bidder shall be solely responsible for all consequences arising out of the Bid submitted by him (including any wrongful bidding by him) and no complaint/ representation will be entertained by ISARC / MatexNet Pvt. Ltd. in this regard. Hence, bidders must be careful to check (the Bid amount/ No. of “0”/ No of digits etc) and rectify their bid (if required) before confirming the Bid placed in the bidding room. 5. Auto Bid :
1) Auto Bid facility is provided for bidders intending to place a 2) Auto bid is not a confirmed bid. It is only the maximum ceiling amount set by the bidder to enable the auction engine to place bids on his behalf, whenever he is out bidded, upto the ceiling set by him 3) Once auto bid is set, the auction engine will consider the ceiling amount for the next possible Bid only, depending on the highest bid prevailing at that point of time and the increment amount prescribed for that particular lot. 4) Bidders may please note that in the event of a manual bid amount matching that of a Maximum limit of auto-bid, the manual bid will prevail and be considered. 12) EMD Forfeitures:
a. Bidder participating for all lots has to make the balance payment & take delivery of b. EMD amount can be adjusted only during delivery of the last lot, in case of multiple 13) In the event of any dispute with regard to non-lifting / non-availability of inspected assets etc. and forfeiture of 'EMD', MatexNet will not be held responsible for the loss / forfeiture and bidder shall keep MatexNet fully indemnified and harmless against any claim and proceedings. 14) The successful bidder(s) will be bound by the regulations of the local / any other authority like Pollution Control Board, as applicable in regard to the use of the premises in question. 15) The successful bidder(s) will be required to bear all the necessary expenses like stamp duty, registration expenses, etc. for transfer of the property in his / her/ their name/s. 16) If the dues of the existing charge-holders together with all costs, charges and expenses incurred by the ISARC are tendered by or on behalf of the borrower or guarantors at any time before the date fixed for sale or transfer of the secured assets, the assets in question shall not be sold or transferred. 17) The Authorized Officer reserves its right to accept any or reject all offer/s without assigning any reason and in case all the offers are rejected, either to hold negotiations with any of the bidder(s) or sell the property through private negotiations with any of the bidder(s) or any other party/parties or invite fresh tenders. ISARC’s decision in this behalf shall be final. 18) The Authorised Officer will be at liberty to amend/modify/delete any of the above conditions as may be deemed necessary in the light of the facts & circumstances of the case. 19) The highest Bid will only be provisionally accepted on Subject to Approval basis and the highest bidder does not get any right to demand acceptance of his offer. 20) The stamp duty, registration charges, cess, sales tax, custom, excise dues (if applicable), if any, and all other costs, charges and expenses of and incidental to the sale of the aforesaid assets shall be borne by the bidder/ Tenderer. 21) As from the date of confirmation of the sale of the assets, the successful bidder(s) shall hold the property at his sole risk and cost as regards any loss or damage to the assets by fire or earthquake or any other natural calamities or due to theft, burglary or robbery or from any other cause whatsoever and the Authorised Officer shall not be liable for any such loss or damages. INTIMATION TO HIGHEST BIDDER:
22) For the bidders who bid through Online Auction the Approval will be primarily sent through E- mail. Please note that date of sending e- mail will be considered as Date of Intimation. 23) If no Intimation reaches for reasons beyond our control the bidders are expected to take efforts to find out status. Non-receipt of Intimation should not be an excuse for Non-payment. 24) Only the highest bidder will be issued an Intimation Letter on closing of the Auction. 25) Bidders must, therefore, keep a watch on their incoming e-mail in this regard. ISARC or MatexNet will not be liable for wrong e-mail ID registered by the bidder or for return of the mail for mail box being full. 26) EMD will be returned to un-successful bidders on day as mentioned in the Schedule. The un-successful bidders will have to collect the refund from MatexNet office. For outstation Bidders, the same will be sent by Courier. 27) Sale certificate will be issued in the name of the original bidder as recorded in the bid sheet. Any further correspondence will be only with the bidders whose name and address are recorded in the bid sheet only. 28) ISARC / Auctioneer shall not be responsible for any loss or liabilities of the bidders if the purchased lots could not be delivered due to circumstances beyond the control of ISARC / Auctioneer. 29) Bidders must clearly note that there is no provision whatsoever to participate in the auction by giving counter conditions at variance with the terms and conditions prescribed. Any communication received from the bidders containing such counter conditions at any time shall be ignored. 30) ISARC reserves the right to modify and amend the terms & conditions and announce the same if necessary at any time prior to the commencement of the auction. 31) Employees of ISARC, MatexNet Pvt. Ltd., and their relatives will be barred from participating in the online auction, unless specifically approved by the Managing Director & CEO of ISARC. 32) In the event of failure on the part of the successful bidder to fulfill his contractual obligations ISARC/ MatexNet reserves the right to debar such bidder from participating in any future Tender / auction on behalf of ISARC. 33) In the event of any dispute the same will be referred to a sole arbitrator to be appointed by ISARC, and the Arbitration proceedings would be governed by Arbitration and Conciliation Act 1996. The bidder alone will bear the fees and expenses towards arbitration proceedings. The jurisdiction for filing the award into court or any other proceedings under the Arbitration Act shall be that of courts in MUMBAI City only. 34) ISARC/ MatexNet will not be liable for any claim and bidder/ tenderer shall keep ISARC of India/ MatexNet fully indemnified and harmless against any claim and proceedings of any of their own or against the employees or others.
INSPECTION
35) Inspection of assets at the Site will be subject to the usual security rules of the ISARC. Any clarification required may be sought by the Bidders from ISARC at the time of inspection and no dispute regarding the assets will be entertained thereafter. 36) All payments for EMD to be remitted by way of Bank Pay Order (if issued in Mumbai, Navi Mumbai) or by Demand Draft (outside Mumbai) of any Scheduled Bank in favor
of “India SME Asset Reconstruction Company Ltd. ”
37) The ISARC will retain the right to refuse acceptance of demand draft/ Pay Order issued by any bank, if ISARC has reason to believe that realization against the DD/PO is doubtful. 38) The successful tenderer(s) will have to pay 25% of the offer amount (less amount paid as EMD) by D.D. or P.O. payable at Mumbai within 2 days of concluding the auction and the balance amount of 75% of the offer amount is payable to the ISARC on or before the 15th (FIFTEENTH DAY) OF CONFIRMATION OF SALE by the Authorized Officer or such extended period as agreed upon in writing by and solely at the discretion of the Authorized Officer. In the event of any default in payment of any of these amounts, or if the sale is not completed by reason of any default on the part of the bidder, ISARC shall be entitled to forfeit all the moneys till then paid by the bidder and put up the property in question for resale/disposal in its absolute discretion. Further, all costs, charges and expenses incurred by ISARC on account of such resale shall be borne by the defaulting bidder who shall also be bound to make good any deficiency arising on such resale and he/she shall not be entitled to make any claim in the event of the property realising higher price on resale. 39) If any Rates, Levies, Taxes, Cess or Charges are due and / or any License / Permit is required under any Central / State / Local Law in respect of the assets purchased by the Bidder, the onus of paying such Levies / Taxes / Charges and / or obtaining such License / Permit will rest entirely on the Bidder. 40) The assets shall lie at the sole risk and responsibility of the Bidder in all respects from the time of confirmation of sale and must be taken away by the bidder at his own expenses after payment of the entire purchase price. 41) No interest shall be paid by ISARC on EMD, Security Deposit or any money deposited 42) STATUTORY PAYMENTS: The rate of Sales Tax or any other statutory Duty / Tax /
Levy / Cess / Charge etc. will be applicable and payable by the Bidder as prevailing on the date of actual physical delivery of assets. DELIVERY

43) On receipt of full Sale Value by ISARC, ISARC shall issue final Sale Certificate to the bidder thereby enabling him to get the same franked/stamped and handover possession of the property within the five working days thereafter. 44) Delivery / Possession will be given only during the working days and within the 45) In case ISARC is unable to deliver the assets within the specified time due to unforeseen administrative reasons, then the ISARC shall grant suitable extension of delivery period to the bidder without any Ground Rent or other related charges till the expiry of such extended period. In such eventually, however, the Bidder shall not be entitled to claim any compensation for such delay. 46) If any accident or damage to the property / life etc. arises by reason of any act of negligence / omission / default or non-compliance with any of the Terms & Conditions of statutory regulations or rules and regulations applicable at Chennai -on the part of the Bidder / his representative or employees, resulting in death or injury to any persons or damages to the property of ISARC or any third party, then in such an event the Bidder will have to pay compensation to such person including the employees of ISARC for such accident or injury / death or damage caused to their employees or to any of ISARC’s employees or to others or to the site under auction. The Bidder shall in such event, keep ISARC fully indemnified from any demand, claims or proceedings thereof. 47) Breaking/cutting may be allowed to the extent necessary for facilitating loading into vehicles as per the discretion of the ISARC officials. 48) Bidder and his men are subject to the security rule of ISARC in force while in the premises. The bidder / workmen agents or representatives shall not commit any nuisance, theft or indulge in any antisocial activities in the premises and the bidder shall be liable for the good conduct, safety & discipline of his workmen. In case of any such activity, delivery will be suspended and strict action as per law will be taken including forfeiture of EMD. 49) The bidder shall be responsible for any damage that may be done to premises / fittings at site in the course of removing the lot or lots purchased by them. The authority may at its option arrange to make good such damages and the bidder shall pay for the same on demand. 50) The bidder’s workers engaged within the proposed auction site will be governed by the labour laws and rules, Factory Acts and Rules and Safety / Security Rules as applicable. It shall be the responsibility of the bidder to see that the statutory provisions are complied with. 51) ISARC will not be in any way responsible for failure to deliver the assets as per delivery schedule due to causes beyond their control such as strikes, lockouts, cessation of labour, shortened hours, acts of God or other causes or contingency whatsoever. The bidder shall not be entitled to cancel the contract and the period of delivery shall automatically be extended accordingly. 52) ISARC/ MatexNet will not at any time be responsible for any injuries caused due to accident within proposed auction site or at the place of work of the owner either to the bidder or his representative / labour etc., and the bidder will make proper arrangements for any claim arising out of the employment under any statute. It is the responsibility of the bidder to provide necessary safety appliances (like hand gloves / safety shoes etc.) to the labourers, who are engaged at the site. 53) No gas cutting equipments or any equipment or any equipment, which are likely to cause damage, will be allowed in the site premises. Only safe oxy-acetylene gas cutting equipment will be allowed with written permission of ISARC. The decision of the Officer or his authorized representative shall be final in this regard. 54) Disputes if any shall be within the jurisdiction of Mumbai Courts only.
55) Words & expressions used hereinabove shall have the same meanings respectively assigned to them in Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 and the rules framed thereunder. 56) All Bidders shall be deemed to have read and understood these conditions of sale herein before listed and be bound by these conditions and to give their bids in e-Auction, subject to these terms and conditions. 57) The tenderer shall not be entitled to withdraw or cancel his offer once submitted unless permitted by Authorized Officer. If the tenderer withdraws or cancels his offer, the Earnest Money Deposit (EMD) shall be liable to be forfeited and he will also be liable to pay the Authorized Officer, the loss or damage suffered consequent upon his withdrawing or canceling the offer. The property/assets in question will then be resold at the risk and consequence of the offeror. DEMO/ MOCK Auction:

58) For Bidders who have indicated non-familiarity with e-Auction, training on a DEMO/ MOCK Auction will be arranged. Only those Bidders who have registered themselves for the Auction for the auction by submitting the “Declaration Form” and have paid the EMD can participate in this Auction. No training will be given during the day of Actual e-Auction. 59) A Note of caution for the Bidders: Bidders may encounter certain unforeseen problems such as time-lag, heavy traffic, system/power failure at the Bidders end. To avoid losing out on bidding because of above-mentioned reasons, it is advised not to wait for the last moment. You can also opt for Auto-Bid option. Bidders may go through the given below E-Auction Bidding Procedure.
Steps for Actual Bidding Procedure:
Go to www.matexnet.com
Enter your- “Login ID” and “Password”.
When a bidder logs in for the first time for the particular auction, bidder has to accept to
the Terms & Conditions. (After accepting to the terms & conditions of the company only you can be able to bid) After accepting to the terms you will be taken to the auction-listing page where you
will be able to see all the details about the auctions. Click on Auction Room link on the top of this page. This will take you to the Bidding
Page. A separate Window opens which is the Bid room. Now Start Bidding. You can either Bid Manually OR can use Auto-Bid. (In Auto bid,
the computer will bid on your behalf upto that value you given.) In the Manual Bid option, you can put your bid in the text box available for each ITEM and submit it every time. A bid confirmation pop up box will appear to confirming
whether you want to go ahead with the bid posted or not. If you confirm the bid, your
bid will be posted. If your bid is accepted, that will be displayed in “Your bid” column
on your right side screen. Also the highest bid amount will be displayed in “Highest bid”
column. If you are the highest bidder at the time, “Your Bid” column will be
highlighted with “green” background.
During the auction, the current highest bid of the bidder, the bid status and the bid history can be viewed on the screen all the times. Bids can be placed at the specified time mentioned during the auction day. For Auto Bid, Click on the “A” icon related to the item you want to bid. It will open a
small window where you can place your “auto bid“. Enter your starting bid amount in “Your Amount” text box, the minimum increment is an optional text box by default it will take the minimum increment amount which is fixed by the company for that product. Enter the maximum amount in the “Maximum Ceiling Amount” text box. Submit your auto bid after filling all the above values. You can see your Bid Value and the Highest Bid Value for a particular lot after bidding Auto Time Extension will be done by the system if any Bid is placed in the closing minutes. If any bidder posts his bid in the last 3 minutes of the auction closing time, the auction will be extended automatically for further 3 minutes. Special Note: Bidders are requested to check the Bid Entry in words & figures before
confirming it. Any wrong bids will lead to forfeiture of EMD and said lot will be re-auctioned immediately and the bidder is barred from the future bidding if any. Format of Acceptance Form to be duly filled and submitted along with visiting card at any
of the offices of MatexNet along with Earnest Money Deposit (EMD). Note- All entries
compulsory

DECLARATION
DATE:____________
ISARC,
SME Development centre, Plot No. C-11, Bandra Kurla Complex, Bandra (East), Mumbai-400 051
Dear Sirs,
1. I/We, the Bidder/s aforesaid do hereby state that, I/We have read the entire terms and conditions of the tender and public notice for Sale and understood them fully. I/We, hereby unconditionally agree to conform with and to be bound by the said terms and conditions and agree to take part in the Online Auction for sale of assets located in Mumbai, Thane and Kolhapur as described elsewhere in this auction catalog. 2. I/We further declare that I/We intend to purchase the above-referred assets from ISARC for our own use/business and that the information revealed by me/us in the tender document is true and correct to the best of my/our belief. I/We understand and agree that if any of the statement/information revealed by me/us is found to be incorrect and/or untrue, the tender submitted by me/us is liable to be cancelled and in such case the Earnest Money Deposit paid by me/us is liable to be forfeited by ISARC and ISARC will be at liberty to annul the offer made to me/us at any point of time. 3. I/We also agree that after my/our offer given in my/our tender for purchase of the assets is accepted by ISARC and I/we fail to accept or act upon the terms & conditions of the offer letter or am /are not able to complete the transaction within the time limit specified in the offer letter for any reason whatsoever and/or fail to fulfill any/all the terms & conditions of the tender and offer letter, the Earnest Money Deposit and any other monies paid by me/us along with the tender and thereafter, are liable to be forfeited by ISARC and that ISARC has also a right to proceed against me/us for specific performance of the contract, if so desired by ISARC. 4. The decisions taken by Authorized Officer of ISARC in all respects shall be binding on me. 5. I also undertake to abide by the additional conditions if announced during the auction including the announcement of correction and/or additions or deletions of items being offered for sale. 6. I note with due care that the MatexNet shall be making the announcements of correction with the consent and knowledge of the ISARC and MatexNet shall not be liable for these last minute change. USER ID ( if exists)______________
Person / concern / firm / company in whose name the assets are to be purchased _______________
Contact Person(s) _____________________________________________
Designation _____________________________________
(In case of company/firm, give, in addition, names of key Directors/ Partners, please attach certified
copy of latest audited Balance Sheet
______________________________________________________
Sales Tax / VAT Registration No. / TIN No. ___________________________
Phone No. ___________________Mobile No.____________ Fax No.-_____________
E Mail (compulsory for OnLine Bidding)__________________________________________
If registering for OnLine Bidding, are you familiar with eAuction bidding? YES/NO
If NO, attending a Mock e-Auction with prior appointment is mandatory. And in an event the Mock e-Auction is not attended, NO COMPLAINTS will be entertained. DD/PO No.
Bank Name
EMD Amount
Signature of Authorised Signatory with Name and Seal.

Source: http://www.isarc.in/pdf/Online%20Auction%20Sale%20-%20Terms%20&%20Conditions.pdf