Alfahadtermscondition
Alfahadtermscondition
Alfahadtermscondition
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COMPANY PETITION NO. 13/2003
GENERAL TERMS AND CONDITIONS OF e- AUCTION SALE
3. The bidders may participate in the e-auction from their own office /place of their choice.
The Official liquidator shall not be held responsible for any type of problem of internet
connectivity, network problem, system crash down, power failure and any such reason
etc.
4. The bidders should register their participation by depositing Rs.1000/- as e-auction
participation fee (non-refundable) in the account “e-Auction of Assets by the Official
Liquidator”, Current Account No. 0212002100247959, Punjab National Bank,
Sitlamata Bazar Branch, Indore, Branch Code-021200, RTGS/NEFT/IFS Code
PUNB0021200, with the service provider by 16 /10/2024 till 6.00 PM and should get
user Id and Password.
5. Bid should be submitted online only in prescribed format. Copy of the online bid form
along with enclosures shall be forwarded by hand/Registered post/speed post to The
Office of the Official Liquidator, High Court of Madhya Pradesh, 1st Floor Old CIA
Building, Opposite GPO, Residency Area, Indore (M.P)-452001 or by e-mail to
“[email protected]” or “[email protected]” on or before
16/10/2024 upto 6.00 PM. If ,the same will be not received in due time then
participation in e-auction will be treated as null & void.
9. The other details of above e-auction along with Terms & Conditions of sale are available
for reference in the website https://olauction.enivida.com. The prospective buyer
should also peruse the valuation report, inventory and breakup of valuation etc. in detail
by visiting the Office of the Official Liquidator, Indore on any working day between
2.00 PM to 3.00 PM from date of advertisement to the date of inspection and may also
verify the relevant revenue records/ Site maps directly from the Revenue authorities, if
they, so required so as to fully satisfy themselves before participating in the proposed e-
auction. No contention of any kind if any, shall be entertained by the Official Liquidator
in this regard in future.
1. The Vendor is the Official Liquidator of M/s. Al-Fahad Investment Ltd (In- Liquidation)
(hereinafter referred to as the said company), which is in liquidation in view of winding up
order dated 17/10/2006 passed by the Hon’ble High Court of M.P. Indore Bench and the
sale is in pursuance to order dated 21/08/2024 of Hon’ble Court. The Vendor invites e-
tenders for sale of assets/properties of the company (In- Liqn.) “As is where is and
whatsoever there is basis” as mentioned in the Sale Notice dated 25/09/2024.
2. The EMD amount (Interest free) should be deposited by way of NEFT/RTGS in the account
of “e-auction of assets by the Official Liquidator”, Current Account No.
0212002100247959, Punjab National Bank, Sitlamata Bazar Branch, Indore, Branch
Code-021200, RTGS/NEFT/IFS Code PUNB0021200.Earnest Money Deposit (EMD)
will not carry any interest and will be retained till the decision of Asset Sale Committee
or confirmation of sale by the Hon'ble Court or further orders whichever is earlier.
The last date for submission of online offer along with EMD and online bid form along
with enclosures is 16/10/2024 upto 6.00 PM. No contention of any kind if any, shall be
entertained by the Official Liquidator in this regard in future.
3. Inspection of Assets/properties of the company (In-Liquidation) put for auction shall be on
scheduled date & time given in Sale Notice. In the event of the intending purchaser failing
to take inspection or being unable for any reason to take inspection on the date & time so
fixed for such inspection, the intending purchaser shall be deemed to have taken inspection
of the said property.
4. Any e-tender with a bid lower than the Reserve Price shall not be considered under any
circumstances. The e-tender(s) with short EMD or without EMD and / or with their
own conditions are liable to be rejected.
5. The e-auction will be conducted through the website https://olauction.enivida.com on
23/10/2024 between 3.00 P.M. to 5.00 P.M. with auto time extension of 10 minutes each
time if the bid is made in the last minutes before close of e-auction till sale is concluded.
6. The Tenderes prior to submitting their online offer for assets put for e-auction are expected
to visit and examine the assets/properties at the site and related documents at their own
expenses as the assets/properties is being offered on “AS IS WHERE IS AND
WHATSOEVER THERE IS BASIS”. They should ascertain on their own responsibility
all information, technical data, market study etc. including actual conditions, existing
services etc. The tenderer shall be deemed to have full knowledge of the assets/properties,
whether he/she/they inspect it or not.
7. The sale of assets/properties will be on “As is where is and whatsoever there is basis” and
subject to the confirmation of the Hon’ble High Court of M.P. Indore Bench. The intending
purchaser must satisfy themselves in all respects as regards the assets/ properties mentioned
12. The highest offer so received will be placed before the Hon’ble High Court for approval and
if sanctioned by the Hon`ble High Court, the Offeror shall deposit balance sale consideration
within 60-days from the date of the Court order confirming the sale or such time as may be
allowed by the Hon’ble High Court.
13. The assets/properties of M/s.Al-Fahad Investment Ltd. as mentioned in the sale notice put
on Sale would be handed over to the successful purchaser (s) on payment of full sale price to
the Official Liquidator and subject to such directions as the Hon’ble High Court may issue
in the matter.
14. If the successful purchaser does not deposit the balance amount of sale consideration to the
Official Liquidator as directed by the Hon’ble High Court within stipulated time i.e. within
60 days of the Court order confirming the sale, the Official Liquidator shall terminate the sale
and the amount of Earnest Money Deposit/Purchase consideration and entire amount
deposited till then shall stand forfeited and the Official Liquidator and Assets Sale Committee
shall be at liberty to sell the property by conducting sale by e-auction or private contract
without being bound to give previous notice to purchaser who is in default, in writing of their
intention to sell the property at such time and subject to such conditions and in such manner
in all respect as the Committee shall think proper subject to the confirmation of the Hon’ble
High Court of M.P., in this regard. Further, the intending purchaser shall not retreat from
offer made by them during pendency of confirmation of sale proceedings before the Hon'ble
High Court and in case of retreat from offer, the EMD deposited by the Offerers/ bidders
shall be forfeited.
15. The Hon’ble High Court/Official Liquidator has right to alter, modify or impose such other
and further terms and conditions as may be deemed fit and proper, in the circumstances of
the case, and the said terms and conditions apart from already specified herein will be binding
on all the parties concerned.
16. The Vendor is selling the assets/properties as the Official Liquidator, attached to the Hon’ble
High Court of Madhya Pradesh, Indore Bench, pursuant to its directions in the matter and as
17. As from the date of confirmation of sale of the assets/properties sold to the purchaser, it shall
be at the sole risk, cost and on account of the purchaser as regards the destruction or any
damage by fire or act of God, otherwise whatsoever it may be.
18. The Successful Purchaser shall pay the Stamp Duty, Cess, Registration Charges & other
charges for registration of Deed of Conveyance /Sale Deed or other documents, if any, for
transfer of assets/ properties in his/her/their name as may be applicable as case-to-case
basis. The successful purchaser shall be liable to get the sale deed/ Deed of Conveyance
prepared and executed on his own expenses.
If any taxes, cess, duties, fee, TDS on sale of immovable property under section 194-
IA of the Income Tax Act, 1961 & other charges whatsoever in nature or nomenclature
arise after date of confirmation of sale of assets/ properties or demanded by any authority
(Government, semi-Government, Corporation/ Municipality, Panchayat etc.), the
Successful purchaser shall be liable to pay the same and such payment will not be claimed
by the successful purchaser from the office of the Official Liquidator. The
offerer/bidder/purchaser should, therefore, give their offers exclusive of all statutory
dues/taxes, which should be paid by bidder/purchaser only.
19. The Successful purchaser would not be entitled to assign his/her/their rights in favour of
any person/nominee/nominees. Sale deed/ Deed of conveyance shall be executed in favour
of successful purchaser only by the Official Liquidator.
20. The bidder shall give his full name and complete address & self-attested copy of PAN, TAN
CARD, GSTIN (IF APPLICABLE), CERTIFICATE OF REGISTRATION &
CERTIFICATE OF INCORPORATION, BOARD RESOLUTION and state clearly
whether he is submitting bid for himself or on behalf of another and in the latter case furnish
proper Power of Attorney in that regard and full name and complete address of such party
with their PAN/ TAN no. GSTIN (if applicable) and photocopy thereof.
21. The Bid for assets should be submitted online in prescribed format. Physical Copy of the
online bid form along with enclosures shall be forwarded by hand/Registered post/speed post
to the Office of the Official Liquidator, High Court of Madhya Pradesh, 1st Floor Old CIA
Building, Opposite GPO, Residency Area, Indore (M.P)-452001 or by e-mail to
“[email protected]” or “[email protected]” on or before 16/10/2024
upto 6.00 PM. If the same will not receive in due time, then participation in e-auction will
be treated as null & void.
22. The Official liquidator shall not be held responsible for the problem of internet connectivity,
network problem, system crash down, power failure and any such reason.
23. The sale will be on “AS IS WHERE IS AND WHATSOEVER THERE IS BASIS” and
subject to the confirmation of the Hon’ble High Court of Madhya Pradesh, Indore Bench.
The Official Liquidator shall not provide any guarantee and /or warranty in respect of the
immovable properties and as to the quality, quantity or specification of the movable assets.
The intending purchaser must satisfy themselves at the time of inspection of assets/properties,
in all respects, as regards the movable assets, as to their title, encumbrances, area, boundary,
description, quality, quantity and volume etc. and the purchaser will be deemed to offer with
full knowledge as to the description, area, etc. of the properties and defects thereof, if any.
The purchaser shall not be entitled to claim any compensation or deduction in price on any
24. The bidders shall be deemed to have read and understood all the Terms & conditions of sale
and are bound by such Terms & conditions.
25. If any bidder(s) fails to comply any of the terms & conditions herein mentioned above, he
shall liable to be blacklisted to participate in any of the e-auction conducted by this office for
further period of 2 years. However, any contention/relaxation in this regard can be
decided/granted by the Official Liquidator.
26. The terms & conditions herein above may be relaxed/ rescinded/ stipulated further by
Hon’ble High Court/Official Liquidator at any time.