Terms & Conditions in the Matter of M/s. Sone Valley Portland Cement Limited (In Liquidation) – Company Petition No. 05 of 1995

IN THE MATTER OF M/s. SONE VALLEY PORTLAND CEMENT LIMITED (rN LtQrJrDArroN) C.P.No.05 of 1995 TERMS & CONDITIONS OF SALE FOR THE FREEI{OLD LAND AND IRON SCRAPS & STONE CHIPS ADMEAST]RING , TO 810.:1 DECIMAL (81.04 ACER) Op [.AND, SITUATED AT MAUZA- DEORIKALAN & KISUA, JAPLA DISTRICT- PALAMU (Jharkhand l.

The Sale is strictly on "As is where is and whatever there is,, basis.

Therelbre, purchaser satisfy himself about the existing propefty of the company or site.

2.

The valuation report and availabte title documents can be inspected at the off,rce of the undersigned on any working day free of cost. The xerox copies of the same lnay be supplied at their own cost.

3. It is always advisable for the intending buyers to satisl/ themselves about the nature, character, status (arnabandi, mutation etc.) and Iocation of the land in question from the competent revenue authority. No claim shall be enterlained later on in this resard.

4. The properly proposed to be sold by public auction is free from all encumbrances. The purchaser will not be liable fbr payment of any charges or dues payable by the company in liquiclation bccoming due on or before the handing over of possession of the property pursuant to the conflrmation of sale.

5. The offers be submitted only in sealed envelope on the prescribecl render Form duly issued by the office rvith countersigned by the undersigned containing tlie Bank Draft an.rounting to recluisite E.M.D. drawn at any Nationalised/Scheduled Bank in l'avour nf the ,,Official Liquiclator, High Court, Patna", payable at Patna. The sealed envelope must be superscripted as 'oOffer for landed properties and lron Scraps & Stone Chips, Admeasuring to 810.1 Decimal (81.0.1 acre) of Lantl, Situated at Mauza- Deorikalan & Kisua, Japla District- palamu (Jharkhand ) in the m atter of M/s. SONE VALLEY POITTLAND CEMENT Limited (tn Liquidation)".

6. fhe complete of-fcr must rcach to thc office of the undersigned on or before the due date and time. The of-fers received al'ter the due date and time or without E.M.D. or not properly sr.rbmitted shall be summarily re jected.

7. The sealed oflbrs shall be opened befbre the Hon'ble Company Judge on the scheduled date and time in presence ofthe interested purchasers or their duly authorised representative(s) and further they will be allowed to pafiicipale in inter se bidding in the Courr.8. Bank Draft/Pay Order of Co-operative Bank/Societies,{Private Bank will not be accepted.

9. The tenderers prior to submitting their tendel for assets are expected to visit and inspect the same at the site at their expenses as the same are being offered to be sold on "As is where is and whatever there is" basis. They should asceftain on their own all information including technical, non- technical and actual condition etc. of the assets under sale.

l0.It shall be presumed that all the facts were taken into account by the Tenclerer while submitting thcir Tenclers. Thc tenderer shall be dcemed to have lull knowledge ofthe assets, u'hether he inspects it or not.

I I.'l'he assets will be sold on ooas is where is and whatever there is" basis' This is to say that the tenderer(s) will be deerned to have made themselves aware of the physical condition, dimension, size etc. of the assets by inspecting the assets bcfore submitting their tcnder and no complaintlclaim in this regard will be enterlainecl by thc Offlcial Liquidator or High Courl after the submission of the lender.

12.The sale of assets being made by the Official I-iquidator is with the sanction of the Hon,ble High court, Patna and as such shall not relieve the directors or any other persons who rnay be liable to the Secured Creditors as guarantors or otherwise.

l3.Tenderers would be given opporlunity to improve upon their offer by way of participating in inter se bidding inlmediately after the opening oftender.

14.1'he highest offerer in the inter se bidding shall not be eligible to withdraw his offer till the finalization of the sale proceedings by the Hon'ble Coufi and shall not be entitled to damage, interest on the Earnest Money Deposited.

i5.The assets shall be handed over to the purchaser on payment of full sale price to the official Liquidator and subject to such directions as Hon'ble Court may issue in the matter.

16.The Vendor being the othcial Liquidator attached to the Hon'ble High court, Patna and selling the assets pursuant to the directions of the said coufi, he will not give any warrant or indemnity of any kind whatsoever'

17.As from the <iate ol confirmation of sale ol the property, sold to the purchaser, it shall be at their sole risk, cost and on account of the purchaser as regards the destruction of any damage by fire or otherwise whatsoever it may be.18.If the purchaser f'ails to pay the pr-rrchase money pa.yable by him to the Liquidator within the time specitied in the ternls & conditions of sale and fails to adhere to the tenns and conditions of sale, then the entire amount deposited by him/her till then shall be tbri'eited and the otllcial Liquidator shall be at liberty to se1l the assets by conducting sale by auction or private contract without being bound to give previor-rs notice in writing of his intention to sell the assets at such lin.re and subject to such conditions and in such manner in all respects as the of trcial Liquidator shall think proper with the duc sanction and ordels of tl.rc lton'ble lligh Coun, Patna The deficiency in price, if any, occasioned by such subsequent sale or any attempted second sale with interest on as may be flxed by the Hon'ble Court ll.om the date of cont-rflnation of the tlrst sale shall immediately to such subsequcnt sale shall not belong to such defaulting purchaser' l9.ln case the sale is not confilned or is set asidc on any ground whatsoever thc highest offerer/purchaser shall be entitled to refund of his deposit or EMD as the case may be without auy interest and shall not be entitled to be paid his costs, charges and expenses occasioned by his bid tbr sale of the property not to be declared as purchaser thereof and incidental to the sale nor shall be entitled to any cornpensation/damages whatsclever'

20.The Hon,ble l.ligh court has right to in.rpose such other and further terms and conditions as it may deer.n fit and proper in the circumstances of the case, and the said terms and conditions apart tiom those already specified above wilt be binding on all the parties concerned' 2l.Conditional ot-fers will not be entertained

22.Tl,Letender should be accompanied by the stipulated EMD and any Tender without EMD or with insuft-rcient EMD will be rejected and such tenderers will not be allowed to participate in thc firrther proccedings including inter se bidding.

23.Pcrson who has signed the tender tbrnr or his authorised representatives would be allowed to participate ir.r the tenders' opening proceedings and negotiations and rnake bid fbr purchase ofassets'

24.Prospective bidders are to quote their ot'f-er in the prescribed lbrm only

25.The successlul bidder/offerer shall have to get the sale deed prepared and executed in respect ofthe land and building and shatl have to bear all the expenses thereof.

26.Nomination facility will not be allowed.

27.No separate notice shall be given to the ol'terers, secured creditors, ex- directors, or the petitioners of the company in liquidation in respect ofany adjournmentonthescheduleddatcofTenderopening.Theinterestedparties may watch the cause list published under the authority of the I lon'ble High Court, Patna for fufthcr datc of hcaring.

28.The sale is subject to contrrmation of Hon'ble High Court, Patna and the ot'fcrers do not by merely happening to be the highest offerer/bidder, get any vested right so as to dernand automatic confirmation of sale in his t'avour.

29.The Hon'ble High Courl reselves the right 1() accept or reject any or all the ofters at any stage of sale proceedings or conflrmation of sale and/or withdraw any of thc property subject to sale and negotiate with the purchasers lor the public good as well as interest ol the creditors and decision of the court shall be binding on all the parties.

30.The successful bidder(s) has / have to deposit the full and final sale consideration by adjusting EMD within sixty days only fiom the date of approval of ofter by the t{on'ble l{igh Court, either in full at a time or in instalments. Possession shall be delivered, and documentation shall be done only altel full payrnent.

3l.Legat charges, conveyance, starnp duty, registration charges etc' as applicable will be borne by the purchaser only'

32.The terms and conditions described herein above may be resc inded/relaxed or further may be stipulated by the Hon'ble High Courr. sd/- Dr. Ramcsh Kumar Official [-iquidator' High Court, Patna NIaurl a Lok Complex, 'A' Block, {rr' Floor, Dal< llungalou' Road, l'>atna-80O 001.