STRESSED ASSET MANAGEMENT BRANCH - MUMBAI

Ground Floor, 104, Bharat House, M.S. Marg, Fort, Mumbai-400023

E-Mail: [email protected]

BY REGD POST & COURIER

To:

1 M/S INDUS PROJECTS LIMITED

At - 504, Loha Bhavan, P. D’Mello Road, Masjid, Mumbai –400009.
2 MR. KISHOR H. MEHTA
At - Duplex Bungalow, Jitendra Lane, 27, Juhu Tara Road, Mumbai -400 -049.
& Also
At- 53, Nutan Laxmi Society, Rajgrahi, N. S. Road, No. 9, JVPD Scheme, Vile Parle (West),
Mumbai-400 049
3 MR. ABHAI K. MEHTA
At - Duplex Bungalow, Jitendra Lane, 27, Juhu Tara Road, Mumbai- 400 049.
4 MR. MAHAVIR K. MEHTA,
At - 53, Nutan Laxmi Society, Rajgrahi, N. S. Road, No. 9, JVPD Scheme, Vile Parle (West),
Mumbai 400 049
& Also
At - Duplex Bungalow, Jitendra Lane, 27, Juhu Tara Road, Mumbai -400 049.
5 MR. MADHUR K. MEHTA,
Duplex Bungalow, Jitendra Lane, 27, Juhu Tara Road, Mumbai -400049.
6 M/S INDUS MECHANICAL ENGINEERING COMPANY PRIVATE LIMITED,
At - 504, Loha Bhavan, P. D’Mello Road, Masjid Bunder, Mumbai- 400 009.
& Also
At - 1/4, Sai Sadan Sai Baba Marg, Parel, Mumbai-400012
Dear Sir/Madam,

SUB: NOTICE OF 15 DAYS FOR SALE OF IMMOVABLE/MOVEABLE SECURED ASSETS UNDER RULE 8 OF
THE SECURITY INTEREST (ENFORCEMENT) RULES, 2002.

1. Union Bank of India caused a demand notice dated 18-07-2019(ECB), 19-07-2019(UBI) & 14-07-2022
(SBI) under Section 13(2) of the Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act 2002, calling upon you to pay the dues within the time
stipulated therein by e-Corporation Bank (LCB Br)( now Union Bank of India), Union bank of India,
Sakinaka Branch and SBI SARB Mumbai. Since you failed to comply with the said notice within the
period stipulated, the Authorized Officer, has taken possession of the immovable secured assets
under Section 13(4) of the Act read with Rule 8 of Security Interest (Enforcement) Rules, 2002.
Possession notice/s dated 23-01-2020 issued by the Authorized Officer, as per Appendix IV to the
Security Interest (Enforcement) Rules, 2002 was delivered to you and the same was also affixed to
the properties mortgaged with the Secured Creditor, apart from publication of the same in
newspapers. Please note that as per the said demand notice you were informed about your right to
redeem the property within the time available under Section 13(8) of Securitization and
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

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2. As you have failed to clear the dues of the secured creditor, the immovable secured assets that
have been taken possession of by the Authorised Officer, will be sold by holding public E-auction on
20-06-2024, Thursday from 12:00 p.m. to 05:00 p.m. by inviting Bids from the public through
online mode on www.mstcecommerce.com.

3. You are also requested to ensure participation by parties interested in buying the immovable secured
assets in the sale as proposed above.

4. A copy of the terms of sale is enclosed for your reference. Please note that the Auction will be
conducted through E-Auction mode on the date and time mentioned in the enclosed terms of sale.

Yours faithfully

Place : MUMBAI
Date :27-05-2024
DHURANDHAR RAM
CHIEF MANAGER
AUTHORISED OFFICER
Encl: Terms of sale

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 TERMS AND CONDITIONS OF SALE OF IMMOVABLE SECURED ASSETS
1. Name and address of the Borrower, 1 M/S INDUS PROJECTS LIMITED
Co-Applicant and Guarantor At - 504, Loha Bhavan, P. D’Mello Road, Masjid, Mumbai
–400009.
2 MR. KISHOR H. MEHTA
At - Duplex Bungalow, Jitendra Lane, 27, Juhu Tara Road,
Mumbai -400 -049.
& Also
At- 53, Nutan Laxmi Society, Rajgrahi, N. S. Road, No. 9,
JVPD Scheme, Vile Parle (West), Mumbai 400 049
3 MR. ABHAI K. MEHTA
At - Duplex Bungalow, Jitendra Lane, 27, Juhu Tara Road,
Mumbai- 400 049.
4 MR. MAHAVIR K. MEHTA,
At - 53, Nutan Laxmi Society, Rajgrahi, N. S. Road, No.
9, JVPD Scheme, Vile Parle (West), Mumbai 400 049
& Also
At - Duplex Bungalow, Jitendra Lane, 27, Juhu Tara Road,
Mumbai -400 049.
5 MR. MADHUR K. MEHTA,
Duplex Bungalow, Jitendra Lane, 27, Juhu Tara Road,
Mumbai -400049.
6 M/S INDUS MECHANICAL ENGINEERING COMPANY
PRIVATE LIMITED,
At - 504, Loha Bhavan, P. D’Mello Road, Masjid Bunder,
Mumbai- 400 009.
& Also
At - 1/4, Sai Sadan Sai Baba Marg, Parel, Mumbai-400012
2. Name and address of the Secured Union Bank of India, Stressed Asset Management Branch,
Creditor Mumbai at Bharat House, Ground Floor, 104, M.S. Marg, Fort,
Mumbai – 400023.
E-mail – [email protected]
3. Description of immovable secured assets to be Sold:-
A Residential building (9 storied) situated at Plot No. 53, Nutan Laxmi CHS Ltd., North-South Road
No. 9 bearing C.T.S. No. 660, S.No. 70, Sub Plot No. 53 admeasuring 800 sq.yards. in the Nutan
Laxmi Co-operative Housing Society Ltd., North South Road No. 9, J. V. P. D. Scheme, Vile Parle
(West), Mumbai -400 056 standing in the name of Shri Kishore Mehta (Under Physical Possession)
B Flat No. 401 admeasuring 121.76 sq.mtrs. on the 4th Floor, The Everest Chamber Co-operative
Housing Society Ltd., situated on Plot bearing CS No. 332(Part) of Malabar Hill & Cumballa Hill
Division, Mount Pleasant Road, Mumbai -400 006 standing in the name of M/s. Indus Mechanical
Engineering Co. Pvt. Ltd. (Under Physical Possession)
4.The details of encumbrances, if any Nil
known to the Secured Creditor
5. Last date for submission of EMD On or before the commencement of e-Auction.
6. Date & Time of auction 20-06-2024, Thursday from 12:00 p.m. to 05:00 p.m.
(with 10 min unlimited auto extensions)
E-auction website-www.mstcecommerce.com.
7.The secured debt for the recovery Total Outstanding Dues – Rs. 90,46,46,240.07 (Rupees Ninety
of which the immovable secured asset Crores Forty-Six Lacs Forty-Six Thousand Two Hundred Forty
is to be sold: and Seven Paise only), details of which are mentioned as
below: -
(1) Union Bank Of India - Rs. 71,85,50,645.07 as on
31.03.2024 plus further interest at applicable rate,
costs, dues, and expenses that may accrue from
01.04.2024 till total repayment and settlement of dues.

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 (2) State Bank of India – Rs 18,60,95,595.00 as on 22-04-2024
plus further interest at applicable rate, costs, dues, and
expenses that may accrue from 23.04.2024 till total
repayment and settlement of dues
8.1. Reserve price for the properties Property Particulars Reserve Price (in Rs.)
below which the immovable property A Residential building (9 storied) 104,11,00,000.00
may not be sold: B Flat No. 401 6,51,00,000.00
8.2. EMD Payable Property Particulars EMD (in Rs.)
A Residential building (9 storied) 10,41,10,000.00
B Flat No. 401 65,10,000.00
9.1. Registration
The Online E-Auction will be held through web portal/website www.mstcecommerce.com on the date
and time mentioned above with unlimited extension of 10 minutes. The intending bidders / purchasers
required to register through https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp by
using their mobile number and valid email-id. They are further required to upload KYC documents
and Bank Details.
9.2. KYC Verification
On completion of registration, the intending bidders / purchasers are required to upload KYC
documents and Bank account details. KYC documents shall be verified by e-auction service provider
which may take 2 to 3 working days. Hence the registration and uploading formalities are to be
completed well in advance.
9. 3. EMD Payment
On completion of KYC verification, the intending bidders / purchasers are required to pay EMD through
NEFT/RTGS/NET BANKING/UPI by generating a Challan through this website in his/their Global EMD
Wallet. Payment should be made within 3 days after generating the Challan for NEFT / RTGS otherwise
the Challan shall become invalid. The payment shall be ensured well in advance before the stipulated
time. If the required EMD amount is not held in their Global Wallet, they will not be allowed to
participate. Payment of EMD in any other mode will not be accepted. The Earnest Money Deposit shall
not bear any interest and in case of unsuccessful bid, the same will be returned to the unsuccessful
bidder by the service provider without interest.
9.4 Bidding
The bidder has to select the property for which offer is submitted from the list mentioned in the
above website and/ or bidder can directly enter Property ID (as mentioned in https://ibapi.in). The
property will be visible in ‘Live Auctions’ on www.mstcecommerce.com one day prior to the date of
auction.
9.5. HelpDesk
 For Registration related queries e-mail to [email protected]
 For EMD payment/refund related queries e-mail to [email protected].
 For Registration and Login and Bidding Rules visit
https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp and Click “Buyer Guide for
Login and Registration”
 Intending bidders may download at free of cost, copies of sale notice, Terms and Conditions
of e-auction Help Manual on operational part of e-auction from e-Bkray – IBAPI portal
(https://www.ibapi.in)
 For auction related queries e-mail to [email protected] or contact – Union
Bank of India, Stressed Asset Management Branch, Mumbai at Bharat House, Ground
Floor, 104, M.S. Marg, Fort, Mumbai–400023. E-mail–
[email protected]. File Handling Officer - Ms. Poonam Gautam at Mob
No. 9873008931 & Authorized Officer- Mr. Dhurandhar Ram at Mob No. 7800003631

9.6 Steps Involved

 Register on e-auction portal www.mstcecommerce.com. using mobile number and email ID.

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  Upload requisite KYC Documents.
 Generate challan and transfer EMD amount to bidder’s global EMD Wallet.
 Submission of bid shall be through Online mode on the auction date and time.
 In case of successful Bid, the balance bid amount to be paid as per the terms as mentioned
hereunder.
 In case of unsuccessful Bid, request for refund to be made in the MSTC website and refund will
be made directly by the MSTC.
Bidders are advised to go through the website https://www.ibapi.in and www.unionbankofindia.co.in
tenders for detailed terms and conditions of Auction Sale before submitting their bids and taking part
in the E-Auction sale proceedings. Successful bidder will be intimated through e-mail after the closing
of the e-Bidding Process.
10. The intending bidders may, if they choose, after taking prior appointment from the Authorised
Officer, inspect the immovable/movable secured assets to be sold before the date of E-Auction. It
shall be the sole responsibility of the bidders to inspect and satisfy themselves about the secured
assets and specification before submitting the bid. On participation by any person or corporate it
shall be deemed that the bidders have fully satisfied themselves as to the property /assets and
claims/ dues affecting the property under Sale in all respects.
11. In case of bidding the bid increment shall not be less than Rs. 10,00,000.00 in excess of highest
bid amount or the immediate preceding bid, as the case may be with multiple increment value of Rs.
10,00,000.00.
12. The sale will be confirmed in favour of the highest bidder and the confirmation of sale shall be
subject to the confirmation by the Secured Creditor.
13.Bids once made shall not be cancelled or withdrawn. The failure on the part of bidder to comply
with any of the terms and conditions of e-auction, mentioned herein will result in forfeiture of the
amount paid by the bidder.
14. The successful bidder so declared by the Authorised Officer shall deposit 25% of the Sale Price
(inclusive of EMD) in Cash/DD/RTGS/NEFT/Internet transfer/Cheque subject to realisation,
immediately on the sale day or not later than next working day with the Bank in the account bearing
Number 087021980050000 of the Union Bank of India, Stressed Asset Management Branch, IFSC
Code – UBIN0908703 and the balance 75% of the Sale Price on or before 15th day of confirmation of
Sale or within such extended period as agreed upon in writing between the secured creditor and the
purchaser, in any case not exceeding 3 months. In the event of failure to tender 25% (15%+EMD) of
the sale price as per the terms of Sale by the successful bidder, the EMD so deposited by him shall be
forfeited to secured creditor and the bid accepted shall stand cancelled automatically and the
defaulting bidder shall neither have claim on the property nor on any part of the sum for which it
may be subsequently sold. In default of payment of balance amount of purchase price before 15 days
from the date of confirmation of sale by the Secured Creditor or such extended period as may be
mutually agreed upon between the secured creditor and the purchaser (not exceeding 3 months) the
amount already deposited by the auction purchaser shall be forfeited and the property shall forthwith
be sold again and the defaulting purchaser shall neither have claim on the property nor on any part
of the sum for which it may be subsequently sold.
15. The Authorised Officer may, where the property sold is subject to any encumbrances, if he thinks
fit, allow the purchaser to deposit with him the money required to discharge the encumbrances and
any interest due thereon together with such additional amount that may be sufficient to meet the
contingencies or further costs, expenses and interest as may be determined by him. On such deposit
of money for discharge of encumbrances, the Authorised Officer may issue or cause the purchaser to
issue the notices to the persons interested in or entitled to the money deposited with him and take
steps to make the payment accordingly.
16. On confirmation of sale by the secured creditor and if the terms of payment have been complied
with by the successful bidder, the Authorised Officer shall issue a certificate of sale of immovable
property in favour of the purchaser in Appendix-V to the Security Interest (Enforcement) Rules, 2002.

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 17.Legal charges for conveyance, stamp duty, registration charges and other incidental charges as
applicable shall be borne by the successful bidder only.
18.As per Section 194-IA of the Income Tax Act 1961, TDS @ 1% will be applicable on the sale proceeds
where the sale consideration is Rs.50,00,000/- (Rupees fifty lakhs) and above. The successful
bidder/purchaser shall deduct the TDS from the sale price and deposit the same with the Income Tax
Department in Form No. 16-B, containing the Bank’s name and the PAN number as a seller and submit
the original receipt of the TDS Certificate to the Bank. (Applicable for immovable property, other
than Agricultural land)
19. The Authorised Officer will deliver the property on the basis of PHYSICAL POSSESSION taken on
as is where is basis, to the purchaser free from encumbrances, known to the Secured Creditor on
deposit of money by the purchaser towards the discharge of such encumbrances.
20. The certificate of sale will be issued specifically mentioning whether the purchaser has purchased
the immovable/movable secured assets free from any encumbrances known to the secured creditor
or not. No request for change of name in the sale certificate other than the person who submitted
the bid/participated in the auction shall be entertained.
21. The unsuccessful Bidders who have deposited EMD shall be entitled to have the same refunded
without any interest immediately after the confirmation of sale by the Authorised Officer in favour
of successful bidder. The unsuccessful bidder is required to place request for refund with
https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp.The EMD of unsuccessful bidders
will be refunded on request to their respective A/c No. as registered in e-Auction Portal
www.mstcecommerce.com. The bidders will not be entitled to claim any interest, costs, expenses
and any other charges (if any).
22. If the Borrower were to pay to the Authorised Officer the entire amount due, with the up-to-date
expenses including the expenses / charges / cost in taking possession and conducting the sale, to the
secured creditor before e-Auction, the sale by E auction may be cancelled by the Authorised Officer.
23. Bank, the Secured Creditor, reserves the right to accept / reject the highest bid without assigning
any reason thereof or to cancel the sale.
24.In case any dispute arises as to the validity of the bid(s), amount of bid, EMD or as to the eligibility
of the bidder, authority of the person representing the bidder, the interpretation and decision of the
Bank shall be final. In such an eventuality, the Bank shall in its sole discretion be entitled to call off
the sale and put the property to sale once again on any date and at such time as may be decided by
the Bank
25. The bank/service provider for e-auction shall not have any liability towards bidders for any
interruption or delay or technical snag in access to the site irrespective of the causes.
26. The above immovable secured assets will be sold in “As is where is”, “As is What is” and
“whatever there is” condition.
27. The entire sale consideration shall be exclusively available for appropriation towards dues to the
Bank and it is exclusive of encumbrances of all statutory dues, maintenance charges and other
dues/charges if any, shall be settled by the proposed purchaser out of his own sources.
28. To the best of information and knowledge of the Authorised Officer, there is no encumbrance on
the property. However, the intending bidders should make their own independent enquiry regarding
the encumbrances, title of the property put to auction and the claims / rights/ dues affecting the
property, prior to submitting their bid. The E Auction advertisement does not constitute and will not
be deemed to constitute any commitment or any representation of the Bank to sell the property. The
Authorised Officer/Secured Creditor shall not be responsible in any way for any third-party
claims/rights/dues.

Place : MUMBAI DHURANDHAR RAM

Date : 27-05-2024 AUTHORISED OFFICER
FOR UNION BANK OF INDIA

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