ANNEXURE – F – Revised

TERMS AND CONDITIONS FOR SALE OF ASSET THROUGH ONLINE E-AUCTION UNDER SARFAESI ACT 2002

E-Auction Sale Notice for Sale of Immovable Assets under the Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest Act, 2002 read with proviso to Rule 6 (2) & 8 (6) of the Security Interest
(Enforcement) Rules, 2002.

Notice is hereby given to the public in general and in particular to the Borrower, Mortgagor (s) and Guarantor (s) that
the below described immovable property mortgaged/charged to the Secured Creditor, possession of which has been
taken by the Authorised Officer of Bank of Baroda, Secured Creditor, will be sold on “As is where is”, “As is what is”,
and “Whatever there is” basis for recovery of dues in below mentioned account/s. The details of Borrower(s) / Mortgagor
(s)/ Guarantor (s) /Secured Asset/s/Dues/Reserve Price/e-Auction date & Time, EMD and Bid Increase Amount are
mentioned below –

TERMS AND CONDITIONS –

1. The Sale will be conducted by the undersigned through e-auction platform provided by
the e-Auction service provider MSTC Ltd at the Website https://www.mstcecommerce.com on the
date and time mentioned above. The intending Bidders/Purchasers are requested to register on
portal https://www.mstcecommerce.com (direct link
https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp) using their mobile number and
email-id. Further, they are requested to upload requisite KYC documents. Once the KYC documents
are verified by e-auction service provider (may take 2 working days), the intending
Bidders/Purchasers have to transfer the EMD amount using online mode in his Global EMD Wallet
well in advance before the auction time. Bidder registration, submission & verification of KYC
documents and transfer of EMD in wallet must be completed well in advance at least two days
before auction date. In case Auction purchaser submits the KYC documents within two days
preceding the Auction date, Authorized officer / Bank / e- Auction service provider is having liberty
to accept and complete the KYC verification & EMD amount. However in such event the Authorized
officer / Bank / e- Auction service provider will not be held liable for any delay/failure for
verification of KYC documents and failure to transfer EMD in wallet. The interested bidder will be
able to bid on the date of e-auction only if the Bidder’s Global Wallet have sufficient balance
(>=EMD amount) as on the date and time of Auction. Bidders may give offers either for one or
more properties. In case of offers for more than one property bidders will have to deposit EMD for
each property.

2. Earnest Money Deposit (EMD) amount as mentioned above shall be paid online i.e. through NEFT
after generation of Challan from (https:www.mstcecommerce.com) in bidders Global EMD Wallet.
NEFT Challan will be valid for one transaction only. If multiple transactions are made, only first will
be reconciled and other transaction(s) shall not be considered. NEFT transfer can be done from
any Scheduled Commercial Bank. Only NEFT mode should be used for fund transfer. Use of any
other payment mode would result in non-credit of EMD amount in the bidder's wallet. Payment
of EMD by any other mode such as Cheques will not be accepted. The Earnest Money Deposited
shall not bear any interest. For refund of EMD of the unsuccessful bidders, Bidder has to seek the
refund online from e-Auction service provider by logging in https://www.mstcecommerce.com
and by following procedure for refund given therein and only after seeking refund online, the
refund will be made by the e-Auction service provider. EMD amount of the unsuccessful bidders
will be returned without interest.

3. Platform (https:www.mstcecommerce.com) for e-Auction will be provided by Bank’s e Auction

service provider MSTC Limited having its Registered office at 225-C, A.J.C. Bose Road, Kolkata-
700020. The intending Bidders/Purchasers are required to participate in the e-Auction process at e-
Auction Service Provider’s website https:www.mstcecommerce.com. This Service Provider will
 also provide online demonstration/ training for the intending bidders/ purchasers on e-Auction on
the portal before the e-auction. The Sale Notice containing the Terms and Conditions of Sale is
uploaded in the Banks websites/webpage portal. https://www.bankofbaroda.in (direct link
https://www.bankofbaroda.in/e-auction.htm) and https://ibapi.in . The intending participants of e-
auction may download free of cost, copies Terms & Conditions of e-auction, Help Manual on
operational part of e-Auction related to this e-Auction from e-Bक्रय –IBAPI portal
(https://www.ibapi.in).

4. The bid price to be submitted shall be equivalent or above the reserve price and during the e-
auction bidders will be allowed to offer higher bid in inter-se bidding over and above the last bid
quoted and by minimum increase in the bid amount given in the table to the last higher bid of the
bidders. The property will not be sold below the reserve price set by the Authorized Officer. The
bid quoted below the reserve price shall be rejected. The bidders shall increase their bids in
multiplies of the amount specified in the public sale notice/Terms and condition of Sale. Unlimited
extension of 10 Minutes time will be given in case of receipt of bid in last ten minutes. Ten minutes
time will be allowed to bidders to quote successive higher bid and if no higher bid is offered by any
bidder after the expiry of ten minutes to the last highest bid, the e-auction shall be closed.

5. Intending Bidders are advised to properly read the Sale Notice, Terms & conditions of e-auction,
Help Manual on operational part of e-Auction and follow them strictly.

6. In case of any difficulty or assistance is required before or during e-Auction process they may
contact authorized representative of our e-Auction Service Provider
https://www.mstcecommerce.com, (direct link
https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp) contact details of which are
available on the e-Auction portal.

7. After finalization of e-Auction by the Authorized Officer, successful bidder will be informed by our
above referred service provider through SMS/ email. (on mobile no/ email address given by them/
registered with the service provider).

8. The successful Auction Purchaser / Bidder shall have to deposit 25% (Twenty Five Percent) of the
bid amount (i.e. including EMD amount deposited earlier) immediately on finalization/concluding of
Auction i.e. on the same day or not later than next working day. The balance amount of bid
purchase price payable shall be paid by the successful Auction Purchaser/Bidder to the Authorised
Officer on or before the fifteenth day of confirmation of sale of the property or such extended
period as may be agreed upon in writing between the purchaser and the secured creditor, in any
case not exceeding three months. In case of failure to deposit the amount as mentioned above
within the stipulated time, the amount deposited by successful bidder will be forfeited to the Bank
and Authorized Officer shall have the liberty conduct a fresh auction/ sale of the property & the
defaulting bidder shall not have any claim over the forfeited amount and the property.

9. Default of Payment: Default of payment of 25% of bid amount (less EMD) on the same day or the
next working day as stated above and/ or 75% of balance bid amount within the stipulated time
shall render automatic cancellation of sale without any notice. The EMD and any other monies
paid by the successful bidder shall be forfeited to the Bank by the Authorised Officer.

10. Payment of sale consideration by the successful bidder to the Bank will be subject to TDS under
Section 194-1A of Income Tax Act 1961 and TDS is to be made by the successful bidder only at the
time of deposit of remaining 75% of the bid amount. The successful Auction Purchaser / Bidder
shall have to pay applicable GST to Bank on the bid amount.

11. On receipt of the entire sale consideration, the Authorized Officer shall issue the Sale Certificate
as per Rules. The purchaser shall bear the stamp duties, including those of sale certificate,
registration charges, all statutory dues payable to Government/any authority, Taxes, GST and rates
 and outgoing, both existing and future relating to properties.

12. No request for inclusion/substitution of names, other than those mentioned in the bid, in the sale
certificate will be entertained. The Sale Certificate will be issued only in the name of the successful
bidder.

13. The Sale Certificate will not be issued pending operation of any stay/ injunction/restraint order
passed by the DRT/DRAT/High Court or any other court against the issue of Sale Certificate. Further
no interest will be paid on the amount deposited during this period. The deposit made by the
successful-bidder, pending execution of Sale Certificate, will be kept in non-interest bearing
deposit account. No request for return of deposit either in part or full/cancellation of sale will be
entertained. In case of stay of further proceedings by DRT/DRAT/High Court or any other Court,
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 against
Authorised officer / Bank.

14. The Authorized Officer/Bank has the absolute right to accept or reject any bid or adjourn/
postpone/ cancel the sale/modify any terms and conditions of the sale without any prior notice
and without assigning any reason including calling upon the next highest bidder to perform in case
the earlier bidder fails to perform.

15. The Intending purchaser can inspect the property on date and time mentioned above at his/her
expense. For inspection about the title document & other documents available with the Bank, the
intending bidders may contact Bank of Baroda Branch during office hours prior at least two days
before auction date.

16. The property is being sold on “As is where is”, “As is what is” and “Whatever there is” basis and
the intending bidders should make their own discreet independent inquiries & verify the
concerned Registrar/SRO/Revenue Records/ other Statutory authorities regarding the
encumbrances and claims/rights/dues/ charges of any authority such as Sales Tax,
Excise/GST/Income Tax besides the Bank’s charge and shall satisfy themselves regarding the, title
nature, description, extent, quality, quantity, condition, encumbrance, lien, charge, statutory dues,
etc over the property before submitting their bids. The e-auction advertisement does not
constitute and will not be deemed to constitute any commitment or any representation of the
bank. The Authorised Officer/ Secured Creditor shall not be responsible in any way for any third
party encumbrances/ claims/rights/dues. No claim of whatsoever nature regarding the property
put for sale charges/encumbrances over the property or on any other matter etc., will be
entertained after submission of the online bid.

17. The Bank does not undertake any responsibility to procure any permission/license, NOC, etc. in
respect of the property offered for sale. The Authorised Officer/ Secured Creditor shall not be
responsible for any dues like outstanding water/service charges, transfer fees, electricity dues,
dues to the Municipal Corporation/local authority/Co-operative Housing Society or any other dues,
taxes, levies, fees, transfer fees if any in respect of and/or in relation to the sale of the said
property. Successful Bidder has to comply with the provisions of Income Tax regarding purchase of
property & to pay the tax to the authorities as per applicable rates.

18. The Authorised Officer will be at liberty to amend/ modify/ delete any of the conditions as may be
deemed necessary in the light of facts and circumstances of each case. The Bank/ Authorised
Officer has the absolute right and discretion to accept or reject any bid or
adjourn/postpone/cancel the sale/modify any terms and conditions of the sale without any prior
notice and assigning any reason. Bidders shall be deemed to have read and understood all the
conditions of sale and are bound by the same. No counter-offer/conditional offer/conditions by
the bidder and/or successful-bidder will be entertained. Words and expressions used herein above
shall have the same meanings respectively assigned to them in SARFAESI Act, 2002, and the Rules
framed thereunder.
19. The sale is subject to confirmation by the Secured Creditor Bank.
20. The sale is subject to conditions /Rules/Provisions prescribed in the SARFAESI Act 2002 and
Security Interest (Enforcement) Rules, 2002 Rules framed there under and the conditions
mentioned above. For more details if any prospective bidders may contact the authorized officer
on Tel No. 0755-4049008

Sd/-
Authorized Officer
Bank of Baroda