THE E-AUCTION SALE IS GOVERNED BY THE GENERAL TERMS & CONDITIONS (GTC), BUYER SPECIFIC TERMS & CONDITIONS (BSTC) AND SPECIAL TERMS & CONDITIONS (STC) OF THE E-AUCTION & SARFAESI ACT 2002 . INCASE OF ANY CONFLICT OR DIFFERENCES AMONG ANY PROVISIONS OF GTC, BSTC & STC, THE PROVISIONS OF SARFAESI ACT 2002 WILL PREVAIL.

SALE OF IMMOVABLE PROPERTY MORTGAGED TO THE BANK UNDER THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002

MSTC Limited is acting only as a service provider for this e-auction and shall not be a party to the contract between the Seller and the Buyer subsequent to this e-auction. By bidding in this e-auction, a bidder acknowledges that MSTC Limited shall not be held responsible for any loss that he/she/they may suffer as a consequence to this e-auction

Name of the Borrower: M/s Choudhary Innovative Business Pvt Ltd

1. Help desk number:
a. MSTC Limited: Contact Person: Shri Vikash Kumar Jaiswal, 033 22891401 and -9903042449 ( M)- Email:---vikash@mstcindia.co.in ( for query related to auctions)
b. United Bank of India: Chief Manager & Authorized Officer, Asset Recovery Management Branch, Mezzanine Floor, 25 Sir P.M Road, Fort, Mumbai  400 001 (Phone No: 022-2287-4109) (for query related to Bid Form, Terms and conditions and property and other ) or M/s Aabram Industrial Services Mobile No: 9848197950, email: aabramraman@gmail.com (for query related to property)

2. The Bid form and Terms and Conditions of sale can be obtained from the Chief Manager & Authorized Officer, United Bank of India, Asset Recovery Management Branch, Mezzanine Floor, 25 Sir P.M Road, Fort, Mumbai  400 001 on any working day from 11.00 A.M to 4.30 P.M.

3. On receipt of EMD and requisite documents / Bid Form, the prospective bidders shall be allowed to participate in the e-auction .

The EMD and requisite documents / Bid Form shall be received by the Chief Manager & Authorized Officer, United Bank of India, Asset Recovery Management Branch, Mezzanine Floor, 25 Sir P.M Road, Fort, Mumbai  400 001 on any working day during 11.00 A.M to 4.30 P.M.

4. The last date of receiving the EMD and requisite documents / Bid Form is -18.03.2014--by 5.00 P.M.
> The EMD and requisite documents / Bid Form received late for any reason whatsoever will not be entertained. Bank reserves the right to accept or reject any or all tenders without assigning any reason whatsoever. Tenders without earnest money will be summarily rejected.

5. If the borrower pays in full the amount due, before the date of acceptance of bid as per tenders by Bank, the tenders will not be acted upon and necessary communication will be sent.

6. The above said properties shall not be sold below the reserve price fixed.
The reserve Price for the said property is Rs 1627.00 Lacs

7. Earnest money deposit of 10% of reserve price shall be paid by D.D /Pay Order favouring Authorized Officer, United Bank of India, Mumbai.
EMD for the property for sale through e-auction is Rs 162.70 Lacs.

8. The Bidder shall offer his Bid price in the increment of Rs.5.0 Lacs.

9. Online auction will start automatically on and at the time mentioned above. However, the closing time of e-Auction will be automatically extended up to last Bid time, plus 8 minutes, so that opportunity is given to other Bidders for making an improved Bid on that item

10. The initial deposit (25% of amount of bid as accepted by Bank including the EMD) shall be paid forthwith (by way of D.D/P.O/RTGS/NEFT/EFT/Cash Transfer) on communication of acceptance failing which the EMD will be forfeited and properties shall be sold again and the defaulting purchaser/s shall forfeit all the claims to purchase the property.
Balance amount shall be paid within 15 (fifteen) days from the date of acceptance of bid as accepted by Bank or such extended period agreed upon in writing by and solely at the discretion of the authorized officer. In case of failure to deposit the balance amount within the prescribed period, the amount deposited shall be forfeited and the property/ies shall be sold again. The EMD of the unsuccessful bidder(s) will be refunded after completion of e-auction sale or within 15 days as the case may be. The EMD will not carry any interest.

11. The authorized Officer reserves the right to sell the property/ies by private treaty.
The authorized officer/secured creditors shall not be responsible for any charges, lien, encumbrances, property tax or any other dues to the Govt or any body in respect of the properties under sale.

12. The successful bidder/s shall bear exclusively all the charges/taxes/rates payable for conveyance, any other known/unknown liability, expenses, property tax, any other dues to the Govt or any body in respect of properties/assets sold.