1. Offers are now invited by undersigned from intending purchasers/bidders in sealed envelopes/covers for purchase of the secured asset described herein above on "as is where is basis", "as is what is basis", "Whatever there is" and "Without recourse basis" under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ("Act") read with Rules 8 and 9 of the Security Interest (Enforcement) Rules, 2002 ("Rules"). The general public is invited to bid either personally or through their duly Authorised agent.
2. No person other than the bidder himself or his duly Authorised representative shall be permitted to participate in the auction proceedings.
3. The Secured Asset/property shall be sold at the price higher than or equal to the Reserve Price only and sale is subject to the confirmation by INVENT.
4. The bidders are requested, in their own interest, to inspect the asset before participating in the auction. The inspection schedule, contact details, and other related information for each auction will be available on the GoldSparrow Portal. Interested bidders should comply with the inspection instructions provided for the respective auction and carry valid authorization, wherever applicable. The intending bidders should make their own independent enquiries and verify with the concerned Registrar/SRO/Revenue Records/other Statutory authorities regarding the encumbrances, title of property put on auction and claims/rights/dues affecting the property and shall satisfy themselves regarding the title nature, description, extent, quality, quantity, condition, encumbrance, lien, charge, statutory dues, etc. over the property prior to submitting their bid. The property is being sold with all the existing and future encumbrances whether or not known to INVENT. The Authorised Officer and INVENT shall not be responsible in any way for any third-party claims/rights/dues.
5. The intending bidders are advised to independently verify the area of Flat, building and other details. INVENT/Secured Creditor do not take any responsibility for any errors/omissions/discrepancy/shortfall etc. in the Secured Asset or for procuring any permission, etc. or for the dues of any authority established by law.
6. All Offers shall be through Tender/Bid Document containing the detailed terms & conditions can be taken from the website https://inventarc.com/business.html.
7. Wherever applicable, intending bidders shall physically submit the duly filled and signed 29A Declaration in the prescribed format along with self-attested KYC documents to the office of the Authorised Officer/Bank on or before the last date and time specified for the respective auction on the GoldSparrow Portal. The documents shall be submitted in a sealed cover separately from all other documents.
8. The intending bidder shall submit all prescribed documents and pay the Earnest Money Deposit (EMD), wherever applicable, on or before the prescribed date and time specified for the respective auction. Only bidders who have successfully completed the documentation and EMD payment process shall be eligible to participate in the auction. The auction shall be conducted exclusively by GoldSparrow Solutions through its online auction portal, https://property.goldsparrow.in, and no bids submitted through any other mode shall be accepted.
9. The intending bidders shall deposit the EMD amount through NEFT/RTGS/Transfer in the account as per details of a/c for depositing EMD/Bid amount mentioned above. Alternatively, Bidders may send a crossed Demand Draft/Pay order in favour of Invent Assets Securitisation and Reconstruction Pvt. Ltd payable at Mumbai. Bidders shall have to attach/enclose a proof of RTGS/NEFT fund transfer or crossed Demand Draft/Pay order along with the bid.
10. The bid once submitted cannot be withdrawn and the bidder has to purchase the property for the quoted price in case the same is the highest bid, failing which EMD shall be forfeited.
11. The bids without EMD amount and/or less than the reserve price shall be disqualified.
12. The EMD of unsuccessful bidder will be returned within 07 working days on the closure of the auction sale proceedings. No interest shall be paid on the EMD refunded.
13. The Authorised Officer reserves the right to conduct Inter-se bidding amongst the bidders. The highest bidder amongst them after Inter-se bidding shall be declared as successful bidder. The Bidders may improve their further offers in multiple of Rs. 10,000/- (Rupees Ten Thousand Only).
14. Highest bidder shall be declared successful bidder and sale will be confirmed in his/her favour by INVENT/Secured Creditor as per the provisions of SARFAESI Act.
15. Sale shall be confirmed in favour of the successful bidder; however, confirmation of the sale shall be at the sole discretion of INVENT.
16. The Successful bidder will have to deposit 25% of the total bid amount/purchase consideration (after adjusting amount of EMD) immediately upon acceptance of bid i.e. on the same day but not later than the next working day and balance 75% of the bid amount/purchase price on or before the fifteenth day of the confirmation of the sale of immovable property or such extended period as may be agreed upon by the purchaser and INVENT the secured creditor, in any case not exceeding three months.
17. In case of default in payment by the successful bidder, the amount already deposited by the bidder including EMD shall be forfeited without further notice and the property shall be put to re-auction and the defaulting bidder shall have no claim/right in respect of property/amount.
18. The Purchaser shall bear the applicable Stamp Duty/additional stamp duty, charges, fees, etc. including those of Sale Certificate Registration charges, all statutory dues payable to Government, taxes and rates, outgoing both existing and future relating to the property.
19. The Purchaser shall bear all dues of the Borrower including Income Tax dues, Society dues & any other dues, if any.
20. The Authorised Officer and INVENT shall not be responsible for any error, inaccuracy or omission in the said proclamation of sale.
21. All bidders who submitted the bids shall be deemed to have read and understood the terms and conditions of the Auction Sale and be bound by them.
22. From the date of confirmation of sale, the secured asset shall remain at the sole risk of the successful bidder, including loss, damage, theft or deterioration.
23. Upon compliance with the terms and conditions of sale and confirmation of the sale, the Authorised Officer shall issue the Sale Certificate in favour of the successful bidder. No nomination facility shall be permitted, and no request for inclusion or substitution of any name other than that mentioned in the bid shall be entertained. The Sale Certificate shall be issued only in the name of the successful bidder.
24. The undersigned Authorised Officer has the absolute right and discretion to accept or reject any bid or adjourn/postpone/cancel the sale/auction and also modify any terms and conditions of the sale without any prior notice and/or assigning any reasons.
25. The Authorised Officer reserves the right to reject any or all the bids without furnishing any further reasons.
GoldSparrow Solutions Property Auction – Terms & Conditions
26. Technology Service Provider
GoldSparrow Solutions acts solely as the technology platform and auction facilitation partner for the secured creditor/bank. GoldSparrow does not own, possess, or sell any property listed on the platform.
27. Information Published
All auction notices, property details, reserve prices, inspection schedules, EMD details, and auction terms displayed on the platform are published based on information provided by the respective Bank, Financial Institution, Authorized Officer, or Secured Creditor. GoldSparrow does not independently verify the accuracy or completeness of such information.
28. Bidder Verification
It is the sole responsibility of every bidder to verify the property details, title, encumbrances, statutory dues, possession status, legal compliance, measurements, and all other relevant information before participating in the auction.
29. No Legal Liability
GoldSparrow shall not be liable for any errors, omissions, changes, cancellation, postponement, withdrawal, modification of auction schedules, reserve price revisions, or any decision taken by the Bank or Authorized Officer.
30. Auction Authority
The Bank/Authorized Officer shall have exclusive authority regarding bidder eligibility, acceptance or rejection of bids, declaration of successful bidder, confirmation of sale, cancellation, extension, postponement, or re-auction. GoldSparrow has no authority in such decisions.
31. Platform Availability
While every effort is made to ensure uninterrupted availability of the auction platform, GoldSparrow shall not be responsible for delays or failures arising from internet connectivity issues, power failures, hardware/software malfunction, telecommunications disruptions, force majeure events, or circumstances beyond its reasonable control.
32. Bidder Responsibility
Bidders are responsible for maintaining stable internet connectivity, compatible devices, updated browsers, and timely participation in the auction. Failure to place bids due to technical issues on the bidder's side shall not constitute grounds for any claim against GoldSparrow.
33. User Credentials
Bidders are solely responsible for maintaining the confidentiality of their login credentials, passwords, OTPs, Digital Signature Certificates (where applicable), and all activities performed using their registered account.
34. Electronic Records
The electronic records maintained by the auction platform, including login history, bid logs, timestamps, IP addresses, and system-generated reports, shall be treated as valid records for operational purposes.
35. No Warranty
GoldSparrow provides the auction platform on an "As Available" basis without any warranty, express or implied, regarding uninterrupted service, merchantability, fitness for a particular purpose, or error-free operation.
36. Intellectual Property
The software platform, website, logos, content, interface, and technology developed by GoldSparrow remain the exclusive intellectual property of GoldSparrow Solutions. Unauthorized copying, reverse engineering, reproduction, or misuse is strictly prohibited.
37. Privacy & Data Protection
Bidder information collected during registration and participation shall be used only for auction-related purposes and may be shared with the concerned Bank, Authorized Officer, or regulatory authorities wherever required by law.
38. Limitation of Liability
Under no circumstances shall GoldSparrow be liable for any direct, indirect, incidental, consequential, special, or financial losses arising from participation in the auction or reliance upon information published on the platform.
39. Governing Authority
The auction shall remain governed by the applicable laws of India and the terms prescribed by the Secured Creditor. In case of any conflict between these terms and the Bank's auction terms, the Bank's terms shall prevail.
40. Acceptance
By registering on the platform, downloading auction documents, or participating in the auction, the bidder confirms that they have read, understood, and accepted both the Bank's Terms & Conditions and the GoldSparrow Solutions Property Auction Terms & Conditions.
