Osian’s Connoisseurs of Art Pvt. Ltd. - IDBI Bank...Osian’s_Bid document 7 5. OUTSTANDING DUES...

IDBI Bank Ltd.

Recovery Department

IDBI Tower, 11th

Floor,

Cuffe Parade,

Mumbai 400005

BID DOCUMENT

For

Sale of Assets of

Osian’s Connoisseurs of Art Pvt. Ltd.

Under

The Securitisation and Reconstruction of Financial Assets and Enforcement of

Security Interest Act, 2002

and

The Security Interest (Enforcement) Rules, 2002

- Published on February 22, 2013

Osian’s_Bid document

2

Contents

Sr.

No. Particulars

Page

No.

1 Public Notice for Sale published in the newspapers 3

2 Possession Notices published in the newspapers 4

3 Introduction 5

4 Schedule of Immovable Asset/Property 6

5 Outstanding Dues of IDBI Bank Ltd. 7

6 Terms & Conditions 8 - 12

7 Brief details of Bid/Offer document 13

8 Form of Bid/Offer 14 - 15

9 Form of Appendix to the Bid/Offer (Declaration by the Bidder) 16 – 17

10 Format of Profile of the Bidder Company / Firm /Party 18


3

1. PUBLIC NOTICE FOR SALE PUBLISHED IN THE NEWS PAPERS

Copy of the Public Notice for Sale

The above notice was published in Mumbai Edition of the following newspapers on February 22,

2013:

i. The Indian Express (English), Mumbai Edition.

ii. Maharashtra Times (Marathi), Mumbai Edition.


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2. POSSESSION NOTICE PUBLISHED IN THE NEWS PAPERS

Copy of the Possession Notices

The above notice was published in the following newspapers:

i. Free Press Journal (English) Mumbai Edition of May 29, 2012. ii. Navshakti (Marathi), Mumbai Edition of May 29, 2012.


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3. INTRODUCTION

IDBI Bank Ltd (IDBI) having its Head Office at IDBI Tower, Cuffe Parade, Mumbai

400 005 issued a notice dated December 15, 2011 under Section 13 (2) of the

Securitisation and Reconstruction of Financial Assets and Enforcement of Security

Interest Act, 2002 (hereinafter referred to as “the SARFAESI Act”) calling upon M/s.

Osian’s Connoisseurs of Art Pvt. Ltd., a private limited company, having its Office at

G-2B, Nariman Bhavan, Nariman Point, Mumbai - 400 021 (hereinafter referred to as the

Borrower) to repay within 60 days from the date of the said notice, the amount

mentioned in the said notice being `̀̀̀76,28,83,942/- (Rupees seventy six crore twenty

eight lakh eighty three thousand nine hundred and fourty two only) as on November

30, 2011 together with further interest and other expenses/costs thereon from

December 01, 2011, at the contractual rates upon the footing of compound interest

until payment/ realization. Though the Borrower duly acknowledged receipt of the

said notice, it failed to discharge the liability.

Since IDBI Bank Ltd. has exclusive charge on the assets, the Authorised Officer (AO)

of IDBI Bank Ltd. has taken possession of the assets (more particularly mentioned in

the Possession Notice annexed at item No.2 herein, of this Bid Document) on May 25,

2012, which are mortgaged by the Borrower for securing the loan facilities availed

from IDBI Bank Ltd. and, after complying with the procedure in the presence of

Witnesses/Panchs and the agency appointed for the purpose of taking inventory of

assets, besides other officials of IDBI Bank Ltd. The AO, after taking possession of

the assets caused the inventory of the assets to be prepared. The AO published the

possession notice in the newspapers as required under the SARFAESI Act. The AO

has also got the assets valued after taking possession as required under the SARFAESI

Act.

The details of secured asset being put on sale are mentioned hereinafter.


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4. SCHEDULE OF IMMOVABLE ASSET/ PROPERTY

All that piece or parcel of freehold land or ground together with the messuages,

tenements and theatre building standing thereon, known as “Minerva Theatre”

situate at 186, Dr. Dadasaheb Bhadkamkar Marg, Mumbai – 400 007, bearing

Cadestral Survey No. 80 and Collectors New No. 13963 of the Tardeo Division

admeasuring 1775 sq. yards or thereabouts with a right of way of 26’-0” in width and

151’-0” in length, that is about 436 sq. yards and which piece of land bears Municipal

16 (D), Ward No. 4526 and bounded as follows :

On or towards the North: By the property of Madhavji

Ghellabhai.

On or towards the South: By a 26 ft. wide passage belonging to

the Estate of late Jehangir Jamshedji

Presswala.

On or towards the East: By Dr. Dadasaheb Bhadkamkar Marg;

On or towards the West: Partly by the Property of Bombay

Municipal Corporation and partly by

the property of Soonawala Ice factory.

******


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5. OUTSTANDING DUES OF IDBI Bank Ltd.

Osian’s Connoisseurs of Art Pvt. Ltd.

(As on 01.02.2013) (Amount in `̀̀̀)

Nature of Loan Principal Interest &

Others Total

Rupee Term Loan 33,66,50,000.00 20,76,37,615.00 54,42,87,615.00

Short Term Loan 12,03,64,306.41 9,87,34,722.00 21,90,99,028.41

Cash Credit 10,00,00,000.00 7,79,71,726.00 17,79,71,726.00

Legal Exp. A/c. 4,60,467.00 0.00 4,60,467.00

Misc. Expenses 9,09,805.00 0.00 9,09,805.00

Total 55,83,88,450.41 38,43,44,063.00 94,27,32,513.41

*****


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6. TERMS AND CONDITIONS

A) The Authorised Officer (AO) exercising the powers under the Securitisation 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") as amended from time to time is selling the assets /

properties mentioned in the Schedule of Immovable Asset/Property herein above

and the same are being sold free from charges and encumbrances of the lender /

secured creditor i.e. IDBI Bank Ltd.

B) The interested parties may submit their unconditional bids in a sealed cover to,

Shri D.B. Sawangikar, Authorised Officer, IDBI Bank Ltd., 11th Floor, ‘C’

Wing, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400 005, till 02.30

p.m. on March 25, 2013 (Monday), alongwith EMD of `100.00 lakh by way of

Demand Draft/Pay Order drawn only on any Scheduled Bank (as included in

Second Schedule of Reserve Bank of India (RBI) Act, 1934) in favour of “IDBI

Bank Ltd. A/c. - Osian’s Connoisseurs of Art Pvt. Ltd.”, payable at Mumbai.

The bids will be opened on March 25, 2013 (Monday) at 03.00 pm. and the

qualified bidders shall be given opportunity to raise/revise their offers upward.

The AO may permit inter-se bidding among the top three bidders. The AO may

retain EMD of the top three bidders upto three months (without interest) from

the date of opening of the bids.

C) The reserve price, the earnest money to be deposited and date of the inspection

of the property is as under: -

Reserve Price EMD Date of Inspection

`5508.00 lakh `100.00 lakh 06.03.2013

(2:00 p.m. – 04:00 p.m.)

D) The bidder shall be considered as having bidded the property in such state and

condition and on “As is where is basis”, “As is what is basis”, “Whatever there is

basis” and “No recourse basis”, in which the same shall be at the time of the

auction and from and after the date of the confirmation of the sale the same shall


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be at the sole and entire risk cost and account of the purchaser as regards any

risk, injury, loss or damage thereto or any part thereof from any cause

whatsoever.

E) The intending bidder would be entitled to inspect the property at their own costs

on the appointed date and time fixed by the AO. In the event of the bidder

failing to take inspection or being unable for any reason to take inspection on the

date fixed for such inspection, the bidder or the intending bidder shall in any

event be deemed to have taken inspection of the property and the condition in

which it is and will be fixed with notice as to the condition in which the property

actually is and under law. The interested parties can inspect the assets/properties

put up for sale at their own cost between 02:00 p.m. to 04:00 p.m. on

06.03.2013.

F) The bidder will have to satisfy himself if there are any other encumbrances,

charges, liens and all other taxes and outgoings on or affecting the property

described in the Schedule of immovable asset/property. The bidder shall not be

entitled to claim any compensation or deduction in price on any account

whatsoever and shall be deemed to have purchased the property subject to all

encumbrances, liens and claims and payment of all Taxes including arrears and

all outgoings.

G) The bidder shall not have any requisition or no objection whatsoever shall be

made or taken in respect of the title to the property or on account of any

document being unregistered, unstamped or insufficiently stamped or on account

of absence of any covenant for production of deeds etc., in respect of document

to the property or on account of any covenant for production of title deeds being

defective or insufficient.

H) The secured asset put for sale has been charged/ mortgaged to IDBI Bank Ltd.

by way of equitable mortgage. Interested parties are requested to verify the

details of secured asset and inspect the records relating to mortgaged asset

available with AO, on request.


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I) The bidder shall, notwithstanding any discrepancy or variation in the names,

quantities, qualities, specifications, measurement, boundaries and abuttals,

concur in or otherwise admit the identity of the property purchased by him by

comparison of the description in the particulars and conditions.

J) The bidder shall take all steps to obtain necessary licences and/or permissions

from all requisite public authorities and it shall be the obligation and

responsibility of the bidder to do so. If, however, for any reason any of the

licenses or permissions cannot be obtained by the bidder the same shall not be a

ground for annulment of auction or a ground for postponement of payment of the

purchase price.

K) It is expressly stipulated that there are no implied obligations on the part of AO

or IDBI Bank Ltd. and it shall be solely the obligation of the bidder at his cost to

do all acts, things and deeds whatsoever for the completion of the sale.

L) The sale proposed hereinabove shall be in respect of the properties covered by

Schedule of immovable Asset/property collectively – on composite basis i.e. one

lot. The Offeror shall superscribe on his Offer the words “Bid in the matter of

OSIAN’S CONNOISSEURS OF ART PVT. LTD. The reserve price of the

entire property covered by Schedule of Immovable Asset/Property is fixed in the

sum of `5508.00 lakh. The bidder whose offer is not accepted will be entitled to

the refund of the initial deposit made by him without any interest, forthwith or

soon thereafter within 3 days from the date of auction. The entire procedure of

opening of bids, the sequence of opening and bidding, the amount by which bids

may be increased shall be in the entire discretion of the AO and the intending

bidder shall have no right to object to the same.

M) The person or persons whose offer/s is/are accepted by AO shall deposit within

three days of acceptance of the offer, with AO, 25% of the amount of his/their

bid by a bank draft, or by a banker’s cheque drawn only on any Scheduled Bank

(as included in Second Schedule of Reserve Bank of India (RBI) Act, 1934) in

favour of “IDBI Bank Ltd. A/c. - Osian’s Connoisseurs of Art Pvt. Ltd.”,

payable at Mumbai after adjusting the EMD.


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N) The AO reserves the right and liberty not to accept the highest or any offer/s

without assigning any reason(s) therefor. In case all the bids are rejected, the AO

reserves the right to sell the Secured Assets by any of the modes prescribed in

the SARFAESI Act.

O) The successful bidder shall within 15 days of the confirmation or sanction of the

sale by AO or such extended period as may be agreed to by the AO, pay the

balance purchase price and all other sums payable under these terms.

P) Upon payment of the purchase price in full including cost, charges and expenses

and interest if any, the purchaser shall be entitled to the sale certificate as

provided under the SARFAESI Act 2002. The purchaser shall pay the stamp

duty, registration charges, sales tax and any other charges if any in connection

with the conveyance of the title to the property at Schedule of Immovable

Asset/Property.

Q) If the successful bidder does not pay the balance of the purchase price on the

dates specified (time being of the essence) by AO or if the sale is not completed

by reason of any default of the successful bidder, AO shall be entitled to forfeit

all the amount deposited by the successful bidder (including EMD) as aforesaid

and the property will be put up for re-auction and all costs, charges and expenses

or deficit occasioned by such default shall be borne by the defaulting bidder and

the defaulting bidder shall also be bound to make good any deficiency

whatsoever on such auction, but shall not be entitled to any claim in the event of

the property fetching a higher price than that offered by the defaulting bidder.

Without prejudice to the aforesaid, if for some reason the auction is not put at an

end, then AO shall have a right to call upon the bidder and the bidder shall be

liable to pay interest at the rate of 15 % per annum on the amount of balance

purchase price from the date of confirmation of sale by AO till payment or

realisation. It is however expressly clarified that this should not be deemed to

confer in any manner, a right on the bidder or any other party against AO or

secured lender to prevent the auction from being put at an end to as aforesaid.


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R) In the event the said sale in favour of the purchaser 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 auction shall be

void and the bidder shall in that event be entitled only to receive back his deposit

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 auction and investigation of title or any other costs incurred by him.

S) The time hereunder fixed for the observance and performance by the bidder of

any of the obligations to be observed by him under these conditions is and shall

be deemed to be of the essence of the auction and any forbearance on the part of

AO of the strict observance and performance thereof by the bidder shall not be

construed as a waiver or relinquishment on the part of AO who shall have the

right at his own option to exercise the remedies as are available to him under

those conditions and at law and/or in equity as arising from the non-observance

and non-performance thereof including the right to forfeit all the monies paid by

the defaulting bidder and treating the auction sale as having been determined by

the bidder.

T) This document can be made available to the interested parties without any charge

for submitting their bid and cannot be used for any other purpose.

U) 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.

*****


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7. BRIEF DETAILS OF BID/OFFER DOCUMENT

IDBI Bank Ltd.

Bid/offer form for purchase of secured asset/property of

OSIAN’S CONNOISSEURS OF ART PVT. LTD., located at Dr. Dadasaheb

Bhadkamkar Marg, Mumbai, Maharashtra.

1

Issue of

Bid/Offer

Document

:

The Bid/Offer Document can be obtained from the Authorised

Officer, Shri D.B. Sawangikar, IDBI Bank Ltd., IDBI Tower,

11th Floor, ‘C’ Wing, WTC Complex, Cuffe Parade,

Mumbai-400005 during February 22, 2013 to March 22, 2013

on any working day (except Saturday) between 11.00 a.m.

and 4.00 p.m. free of charge.

2

Cost of the

Bid/Offer

Document

: Free of Charge.

3

Last Date,

time &

place of

submission

of

Bid/Offer

:

March 25, 2013 up to 02.30 p.m.

Shri D.B. Sawangikar,

Authorised Officer,

IDBI Bank Ltd.

Recovery Department

IDBI Tower, 11th Floor, ‘C’ Wing

WTC Complex, Cuffe Parade,

Mumbai-400005.

4

Place, Date

and time of

opening of

Bids/Offers

:

IDBI Bank Ltd.

Recovery Department

IDBI Tower, 11th Floor,

WTC Complex, Cuffe Parade, Mumbai 400005

March 25, 2013

03:00 p.m.

* * *


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8. FORM OF BID/OFFER

Form of Bid/Offer for purchase of secured asset/property of

OSIAN’S CONNOISSEURS OF ART PVT. LTD., located at Dr. Dadasaheb

Bhadkamkar Marg, Mumbai, Maharashtra.

(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:

:

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

In figures : `

In Words :

Rupees

5

Name and particulars of the

Company/Firm person in

whose name the Secured

Assets/property are to be

purchased

:

6

Details of Earnest Money Deposit (EMD) of `100.00 Lakh

i) Demand Draft No. /

Pay Order No.

:

ii) Date of Demand Draft /

Pay Order :

iiii) Name of the issuing

Bank and Branch :


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Income Tax Permanent

Account Number(s) 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, I/We shall not

hold the Authorised Officer or secured lender (IDBI Bank Ltd.) responsible for the

same and shall not have any claim whatsoever against either of them.

Signature of the duly authorised official of the Bidder/Offerer

Name and Designation of the Authorised Signatory

Place:

Date:

Osian’s Connoisseurs of Art Pvt. Ltd. - IDBI Bank...Osian’s_Bid document 7 5. OUTSTANDING DUES...

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