Comprehensive Guide to the Upcoming E-Auction of Company Assets: Key Details and Participation Instructions
The Official Liquidator attached to the High Court of Madhya Pradesh, Indore Bench, has announced an upcoming e-auction of assets and properties belonging to a company under liquidation. This process is an essential part of winding up the company’s affairs, and it presents a unique opportunity for prospective buyers to acquire valuable assets. Below is a detailed guide covering all critical aspects of the e-auction, from asset inspection to final sale, ensuring interested parties are well-informed and prepared to participate.
- Asset Inspection Details
Date and Time:
The inspection of the company’s assets and properties will be held on August 14, 2024, between 11:00 A.M. to 4:00 P.M.
Advisory for Inspection:
Prospective buyers are requested to adhere to the advisory issued by the District Administration during the inspection. Compliance with these guidelines is crucial for ensuring the safety and well-being of all participants.
- E-Auction Participation Fee
Fee Amount:
Interested tenderers are required to pay a non-refundable participation fee of Rs. 1,000.
Payment Details:
The fee should be deposited into the following account by August 22, 2024, until 06:00 P.M.:
- Account Name: e-Auction of Assets by the Official Liquidator
- Account Number: 0212002100247959
- Bank: Punjab National Bank, Sitlamata Bazar Branch, Indore
- Branch Code: 021200
- RTGS/NEFT/IFS Code: PUNB0021200
- Online Offer Submission
Website for Submission:
Tenderers must submit their online offers through the official e-auction website:
Registration and Training:
Intending purchasers or bidders must register on the website to obtain a User ID and Password. Training on the e-auction process is available through M/s RailTel Corporation of India Ltd. The following contacts are provided for assistance:
- Customer Care: +91-11-49606060
- Aakash Kumar: 9355030614
- Sitesh Ranjan: 8448288992
- Navneet Mishra: 9355030630
- Amrendra Kumar: 8448288980
- Abhishek Kumar: 9355030617
- Additional Charges for Successful Bidders
E-Auction Agency Fee:
A fixed amount of Rs. 30,000 will be charged by M/s RailTel Corporation of India Ltd. from the successful bidder after the e-auction concludes.
- Earnest Money Deposit (EMD)
EMD Details:
The Earnest Money Deposit (EMD), which is interest-free, must be deposited through NEFT/RTGS into the designated account (same as provided for the participation fee).
Deadline:
The last date for submission of the online offer, along with the EMD and supporting documents, is August 22, 2024, until 06:00 P.M.
- E-Auction Date and Process
Date and Time:
The e-auction will take place on August 29, 2024, between 1:00 P.M. to 3:00 P.M.
Auto Time Extension:
The auction will include an auto time extension of 10 minutes if any bid is placed in the last moments before the auction’s closure. This extension will continue until the sale is concluded.
- Internet and Connectivity Disclaimer
The Official Liquidator shall not be responsible for any issues related to internet connectivity, network problems, system crashes, power failures, or other technical difficulties that may arise during the e-auction.
- Sale Confirmation
Court Approval:
The final sale of assets is subject to confirmation by the Hon’ble High Court of M.P., Indore Bench.
- Notice to Creditors and Interested Parties
This sale notice also serves as an official notification to all secured creditors, unsecured creditors, contributories, and relevant Central and State Government authorities. All other parties with an interest in the company under liquidation are advised to take note.
- Property Details and Inspection
Valuation Report:
Details of the company’s properties, as listed in the valuation report submitted to the Hon’ble High Court of M.P., Indore Bench, are available for prospective buyers to review.
Document Review:
Interested parties are encouraged to visit the Official Liquidator’s office at Indore between 2:00 P.M. to 3:00 P.M. on any working day from the date of advertisement until the inspection date (August 14, 2024). It is advisable to thoroughly review the valuation report and verify relevant revenue records or location maps directly from the Revenue Authorities before participating in the e-auction.
No Future Contentions:
The Official Liquidator will not entertain any objections or contentions regarding the properties after the auction process has begun.
- Terms and Conditions
All terms and conditions related to the e-auction, along with other essential details, are available on the official e-auction
- Amendments and Modifications
The terms and conditions mentioned above may be altered, rescinded, or further stipulated by the Hon’ble High Court or the Official Liquidator at any time as deemed necessary.
In Conclusion, This e-auction presents a significant opportunity for interested buyers to acquire valuable assets from a company under liquidation. It is crucial for participants to follow the outlined procedures, adhere to deadlines, and ensure thorough preparation to avoid any issues during the auction process. By participating in this transparent and regulated e-auction, prospective buyers can contribute to the efficient liquidation of the company’s assets while securing valuable properties.
