E-Auction of Bhagyanagar Silk Mills: Key Details You Need to Know

Introduction

The Official Liquidator of the Hon’ble High Court of Telangana has announced an e-auction for the assets and properties of Bhagyanagar Silk Mills Pvt. Ltd. (In Liquidation). This is a significant opportunity for interested buyers to acquire prime industrial land in Telangana on an “as is where is” basis.

Here’s everything you need to know about the auction process, key dates, and how to participate.

Assets Up for Auction

The auction includes two prime industrial properties located in Phase-I, IDA Jeedimetla Village, Medchal-Malkajgiri District, Telangana. The properties come with industrial sheds, although in old and dilapidated conditions.

• Lot No. 1

1. • Area: 3240.37 Sq. Yds
   • Reserve Price: ₹103.3 Lakhs
   • Earnest Money Deposit (EMD): ₹10.33 Lakhs
   • Incremental Bid Amount: ₹2 Lakhs

• Lot No. 2

1. • Area: 6680.56 Sq. Yds
   • Reserve Price: ₹184.6 Lakhs
   • Earnest Money Deposit (EMD): ₹18.46 Lakhs
   • Incremental Bid Amount: ₹3 Lakhs

Inspection and Key Dates

To ensure transparency, prospective buyers can inspect the properties before bidding.

• Inspection Dates: 2nd & 3rd December 2024
• Timings: 11:00 AM to 5:00 PM

Other key dates include:

• Last Date for EMD and Participation Fee Payment: 16th December 2024 (up to 4:00 PM)
• Last Date for Online Bid Submission: 17th December 2024 (up to 4:00 PM)
• E-Auction Date: 19th December 2024 (11:30 AM to 2:30 PM)

The bidding will feature automatic time extensions of 10 minutes if a bid is placed close to the closing time.

Participation Process

• Payment of Participation Fee & EMD

1. 1. • Pay a non-refundable participation fee of ₹2,000 per lot via RTGS/NEFT to the “EMD Account” of the Official Liquidator.
      • Bank Details:
        • Account Name: EMD Account
        • Bank: Punjab National Bank
        • Account Number: 0207002100146966
        • IFSC Code: PUNB0020700

• Online Submission

1. 1. • Submit your online bid through Auction Tiger.
      • Ensure all necessary documents are uploaded with the bid form.

• Bidding and Auction

1. • The e-auction will be conducted via inter-se bidding among eligible participants.

Important Considerations

• Legal Confirmation: The sale is subject to approval by the Hon’ble High Court of Telangana.
• Verification: Interested buyers are encouraged to verify documents at the Office of the Official Liquidator, Hyderabad, or directly with the revenue authorities.
• Terms & Conditions: Complete details and terms can be accessed on the Auction Tiger website.

To know more details, click here.

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