Indian Overseas Bank

Asset Recovery Management Branch

11/952 Cross Cut Road
Gandhipuram
Coimbatore – 641 012
Phone No.: 0422 – 2497178
E-mail- iob1551@iob.in
ARMB/53/2020-2021 19.08.2020

SALE NOTICE FOR SALE OF MOVABLE/ IMMOVABLE PROPERTIES*

[Under Proviso to Rule 6(2) and Rule 8(6) of Security Interest (Enforcement) Rules]

E-auction sale notice for sale of Movable/Immovable Assets Under the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 read with Rule
8(6) of the Security Interest (Enforcement) Rules 2002.

Notice is hereby given to the public in general and in particular to the Borrower/s and
guarantor/s that the below described movable/immovable properties hypothecated/
pledged/ mortgaged/ charged to the Secured creditor, the constructive/physical possession of
which have been taken by the Authorised Officer of Indian Overseas Bank, Secured Creditor, will
be sold on “As is where is” “As is what is” and “Whatever there is” on 14.09.2020 for recovery
5,58,13,22,843/- (Rupees Five Hundred and Fifty Eight Crores Thirteen Lakhs Twenty Two Thousand
Eight Hundred and Forty Three only) as on 17.08.2020 due to the Secured Creditor from the
borrower M/s. Hi-Tech Mineral Industries Covai Pvt. Ltd., presently under liquidation and
represented by the Official Liquidator, Office of the Official Liquidator, High Court, Madras,
Corporate Bhavan, II Floor, 29, Rajaji Salai, Chennai- 600 001 and the guarantors 1. Mr. Ranjith
Chander 2. Mrs. Mallika, 3. Mrs. Kamalam (Since deceased) all residing at,No.93/30A, Balaji
Nagar West, Ramanathapuram West, Coimbatore – 641 045, 4. Mr. P. Ganesh, S/o Palanisamy,
1/38-A, Vinayakar koil Street, Opp. Mullai Nagar, Maruthamalai Road, P N Pudur Post,
Coimbatore – 641 041, 5. M/s. Hi Tech Trades and Consultants Private Limited, 6. M/s. Hi Tech
Electrothermics Private Limited, 7.M/s. Yuktha Wind Farm Private Limited, all 5, 6 and 7 at 97-100,
Pathy’s Tower, Katoor Street, Pappanaickenpalayam Coimbatore – 641 004,. The reserve price
and the earnest money deposit will be as given below against the individual scheduled
property:

DESCRIPTION OF THE MOVABLE/IMMOVABLE PROPERTIES

Schedule-I: Property Belonging to M/s. Hi-Tech Mineral Industries Covai Pvt. Ltd.
[Under Liquidation]
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LOT-I

Item No.I- PLANT & MACHINERY, STORES, TMT BARS, SCRAPS, etc:

Entire Plant & Machinery, Equipments & Electricals along with Utilities, Kept / Embedded /Lying/
Installed in the Factory premises of M/s. Hi-Tech Mineral Industries Covai Pvt. Ltd. situated at
Chellapillai Kuttai Village and Kotta Gounden Patti Village, Omalur Taluk, Salem as under:

1. Sponge Iron Manufacturing Plant (Rotary Kilns & ESP)

2. Billet Making Plant (Steel Melting Unit & Concast Unit with Melting)
3. 400 TPD Rolling Mill
4. 15 MW Power Plant
Along with materials at Stores, TMT Bars and Scraps available at the above Factory premises of
M/s. Hi-Tech Mineral Industries Covai Pvt. Ltd..

For details of list of Plant & Machinery the interested bidder/purchaser may contact IOB, ARM
Branch, Coimbatore and also may refer to the Bank’s approved service provider website
https://ibapi.in

Item No. II- BUILDING Except LAND:

All the Buildings constructed on the factory premises of M/s. Hi-Tech Mineral Industries Covai Pvt.
Ltd. situated at Chellapillai Kuttai Village and Kotta Gounden Patti Village, Omalur Taluk, Salem
including the buildings mentioned below and except the compound wall and the gates of
factory premises as under:

Sl No. Description Year of Roof Plint area in

construction sq.ft.

1 Security Romm 1 1988 RCC Roof 110

2 Office G.F 1988 RCC Roof 1076
3 Office F.F 1988 No Roof 1306
4 Parking shed 1988 M.Tiled Roof 743
5 Weigh Bridge 1988 RCC Roof 100
6 Shed 1 1988 A.C.Sheet Roof 705
7 Mill Building 2008 A.C.Sheet Roof 91908
8 Store 2008 A.C.Sheet Roof 4077
9 Panel Room 2008 RCC Roof 110
10 Rest Room 2008 RCC Roof 312
11 Security Room 2 2008 RCC Roof 100
12 Lab 2008 A.C.Sheet Roof 2200
13 Shed 2 2008 A.C.Sheet Roof 1200
14 Weigh Bridge 2008 A.C.Sheet Roof 276
15 Steel Melting Shop 2008 A.C.Sheet Roof 55690
16 Furnace 2008 RCC Roof 5413
17 Office G.F 2008 RCC Roof 392
18 Office F.F 2008 A.C.Sheet Roof 392
19 Generator Shed 2008 A.C.Sheet Roof 2689
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20 Power House 2008 A.C.Sheet Roof 1853

21 Staff Toilet 2008 A.C.Sheet Roof 135
22 Store Room 2008 A.C.Sheet Roof 494
23 Shed 3 2008 RCC and GI Sheet Roof 5928
24 Air Cooler 2008 GI Sheet Roof 6492
25 Control Room G.F 2008 RCC Roof 1404
26 Control Room F.F 2008 RCC Roof 1404
27 Pump Room 2008 RCC Roof 512
28 Lab G.F 1988 RCC Roof 2970
29 Lab F.F 1988 RCC Roof 2970
30 Coal Shed 1988 A.C.Sheet Roof 6930
31 Open Shed 1988 A.C.Sheet Roof 4406
32 Shed 4 1988 Tin Sheet Roof 9724
33 Quarters 1 1988 A.C.Sheet Roof 3500
34 Quarters 2 2001 A.C.Sheet Roof 4685
35 Quarters 3 2008 A.C.Sheet Roof 7590
36 Canteen 2008 A.C.Sheet Roof 1164
Total Reserve Price of LOT-I : Rs.75,00,00,000/- (Rupees Seventy Five Crores only)

Earnest Money Deposit: Rs.7,50,00,000/- (Rupees Seven Crores Fifty Lakhs only)

* All other taxes and duties, arising out of the sale of above assets, if any, have to be borne by
the purchaser.

** The purchaser will have to leave the Land with compound walls and the gates and to remove
all items from above premises within 6 months from the date of issuance of Sale Certificate,
otherwise purchaser will have to pay a monthly rent of Rs.5,00,000/- for the extended time period
after 6 months.

# State Bank of India has Pari Passu charge on the current assets of the company for the working
capital limit extended by them and II Pari Passu charge on the fixed assets of the company.

LOT-II

Item No. I- LAND & BUILDING:

In Salem District, in Omalur Taluk, in Chellapillai Kuttai Village, in S.F.No. 40/2B measuring 0.23
acres, S.F.No. 40/3B measuring 0.69 acres, S.F.No. 40/2D measuring 0.73 acres, S.F.No. 41/1A
measuring 0.64 acres, S.F.No. 41/1B measuring 0.70 acres, S.F.No. 41/1C measuring 1.33 acres,
S.F.No. 41/2A measuring 0.94 acres, S.F.No. 41/2B measuring 0.82 acres, S.F.No. 41/2C measuring
1.25 acres, S.F.No. 41/2D measuring 1.27 acres, S.F.No. 41/2E measuring 1.99 acres, S.F.No. 44/1
measuring 2.00 acres, S.F.No. 171/1A measuring 1.22 acres, S.F.No 197/2,3 measuring 2.05 acres,
S.F.No 197/4 measuring 2.48 acres, S.F.No. 198 Full measuring 4.56 acres in Kotta Gounden Patti
Village, in S.F.Nos. 46, 48/1, 48/2, 49/1, 49/2, 49/3, 50/1, 50/2, 51/1 & 51/3 measuring 23.12 acres
thus totaling to 46.02 acres together with the building in the aforesaid lands as described above
under Item No.II of LOT-I.

Reserve Price of Item No.I under LOT-II ( Exclusive of 1 % income tax on Land and buildings):
 4

Rs.33,55,00,000/- (Rupees Thirty Three Crores Fifty Five Lakhs only)

Item No. II- PLANT & MACHINERY:

Entire Plant & Machinery, Equipments & Electricals along with Utilities, Kept / Embedded /Lying/
Installed in the above Factory premises as under:

1. Sponge Iron Manufacturing Plant (Rotary Kilns & ESP)

2. Billet Making Plant (Steel Melting Unit & Concast Unit with Melting)
3. 400 TPD Rolling Mill
4. 15 MW Power Plant

Reserve Price of Item No.II under LOT-II: Rs.59,62,47,000/- (Rupees Fifty Nine Crores Sixty Two Lakhs
Forty seven Thousand only)

(For details of list of Plant & Machinery the interested bidder/purchaser may contact IOB, ARM
Branch, Coimbatore)

Item No. III- STORES:

Materials as Stores available at the above Factory premises.

Reserve Price of Item No.III under LOT-II: Rs.68,00,000/- (Rupees Sixty Eight Lakhs only)

Item No. IV- TMT BARS:

TMT Bars as finished goods available at the above Factory premises.

Reserve Price of Item No.IV under LOT-II: Rs.64,00,000/- (Rupees Sixty Four Lakhs only)

Item No. V- SCRAPS:

Scraps available at the above Factory premises.

Reserve Price of Item No.V under LOT-II: Rs.5,53,000/- (Rupees Five Lakhs Fifty Three Thousand
only)

# State Bank of India has Pari Passu charge on the current assets of the company for the working
capital limit extended by them and II Pari Passu charge on the fixed assets of the company.

Total Reserve Price of LOT-II (Item Nos. I, II, III, IV& V; exclusive of 1 % income tax on Item No. I-
Land & Buildings) : Rs.94,55,00,000/- (Rupees Ninety Four Crores Fifty Five Lakhs only)

Earnest Money Deposit: Rs. 9,45,50,000/- (Rupees Nine Crores Fourty Five Lakhs Fifty Thousand
only).

* All other taxes and duties, arising out of the sale of machineries, if any, have to be borne by the
purchaser.

All the above assets mentioned under LOT- I & II of Schedule-I shall be sold in separate lot
and cannot be bidded together. In case of sale of both LOT-I & II, the bidder/purchaser of
LOT-II will be given preference and sale of LOT-I shall be cancelled. The decision of Bank in
this regard will be final and binding to the bidder/purchaser.
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Known Encumbrance, if any:

For property described in the Schedule-I:

1. Commercial Tax Department, Omalur- For Rs. 1,14,23,179/-

2. Central Excise And Service Tax, Salem Division- For Rs. 30,24,15,407/-

Date and time of E-auction 14.09.2020 (Monday) between 12.00 Noon and 1.00 PM
hours with auto extension of 10 minutes each till sale is
completed.

EMD Remittance Deposit through EFT/NEFT/ RTGS Transfer in favour of “The

Authorized Officer” to the credit of A/C No.
155102000000110, Indian Overseas Bank, SARM Branch,
11/952, Cross Cut Road, Gandhipuram, Coimbatore –
641012 Branch Code: 1551, IFS Code: IOBA0001551

Rs.10,00,000/-
Bid Multiplier

Inspection of property All working days between 20.08.2020 to 11.09.2020

(during office hours)

Submission of online application for 25.08.2020 onwards

bid with EMD

Last date for submission of online 11.09.2020 up to 5.00 PM

application for BID with EMD

*Known Encumbrance if any For property described in the Schedule-I:

1. Commercial Tax Department, Omalur-

For Rs. 1,14,23,179/-
2. Central Excise And Service Tax, Salem Division-
For Rs. 30,24,15,407/-

**Outstanding dues of Local Self For property described in the Schedule-I:

Government(Property Tax, Water
TNEB has claimed a sum of Rs. 10,35,65,898/- for power
sewerage, Electricity Bills etc)
consumption to the company.
(As per disclosure by the company in their Balance
Sheet under contingent liability as on 31.03.2013.)

* Bank’s dues have priority over the dues of Commercial Tax Department, Omalur &
Central Excise and Service Tax, Salem Division and Bank dues will be appropriated as per
the provisions of law.

** Bank’s dues have priority over the statutory dues.

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Terms and Conditions

1. The properties will be sold by e-auction of properties under SARFAESI act through common e
auction e-Bkray
portal.https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp?property_id=IOBA15510
003

2. E-auction bid document containing online e-auction bid form, declaration, general terms and
conditions of online auction sale are available for prospective buyers https://ibapi.in.

3. Intending bidders shall hold a valid digital signature certificate and email address and should
register their name / account by login to the website. They will be provided with user id and
password by the aforesaid which should be used in the e-auction proceedings.

4. Bids in the prescribed formats shall be submitted “online” through the portal https://ibapi.in
along with the detail of EMD & scanned copy of KYC documents including photo, PAN Card &
address proof to the service provider and the Authorized Officer on or before 11.09.2020 up to 5
P.M otherwise shall not be eligible for consideration.

5. The EMD and other deposits shall be remitted through EFT / NEFT / RTGS to the Bank account
as specified above and the amount of EMD paid by the interested bidder shall carry no interest.
The amount of EMD paid by the successful bidder shall be adjusted towards the sale price.

6. Bids without EMD shall be rejected summarily.

7. Online auction sale will start automatically on and at the time as mentioned above. Auction /
bidding will initially be for a period of 60 Minutes with auto extension time of ten minutes each till
the sale is concluded.

8. The property shall be sold to the successful bidder. The successful bidder (purchaser) as
declared by the Authorised Officer shall deposit 25 % of the sale price (inclusive of the EMD)
immediately on the same day and not later than the next working day. The balance amount of
sale price shall be paid within 15 days from the date of confirmation of auction sale. Failure to
remit the entire amount of sale price within the stipulated period will result in forfeiture of deposit
of 25% of the bid price to the secured creditor and
Forfeiture of all claims over the property by the purchaser and the property will be resold.

9. The sale certificate will be issued in the name of the purchaser only, after payment of the
entire sale price amount and other taxes/charges, if any.

10. The purchaser shall bear the charges/ fee payable for conveyance such as registration fee,
stamp duty, etc., as applicable as per law.

11. The Authorized Officer has the absolute right to accept or reject any bid or postpone or
cancel the sale, as the case may be without assigning any reason whatsoever.

12. The property is being sold on “as is where is” “as is what is‟ and “whatever there is” basis. The
Bank has disclosed only the known encumbrances, statutory liabilities, if any, as above.
However, the intending bidders should make their own independent inquiries at their own costs
with concerned co-operative housing societies/SRO as well as the Revenue Records regarding
the title, nature, description, condition, encumbrance, lien, charge, statutory dues, etc of
properties put on auction and claims/rights/dues affecting to the properties, prior to submitting
their bid. The property is being sold with all existing and future encumbrances whether known or
unknown to the Bank and Authorised Officer/Secured Creditor shall not be responsible in any
way for any third party claims/rights/dues.
 7

13. As regards the Statutory dues stated above, Bank dues will have priority over statutory dues.
Without prejudice to the above, statutory liability, if any, shall be borne by the purchaser and the
Bank assumes no responsibility in this regard.

14. Sale is subject to confirmation by the secured creditor.

15. EMD of unsuccessful bidders will be returned through EFT / NEFT / RTGS to the bank account
details provided by them in the bid form and intimated via their e-mail id.

16. The e-Auction advertisement does not constitute and will not be deemed to constitute any
commitment or any representation by the bank. The Authorised Officer/Secured Creditor shall
not be responsible in any way for any third party claims / rights / dues.

17. * In compliance with Section 194 IA of the Income tax Act, 1961 income tax @ 1% on the
Reserve Price shall be deducted and paid under the PAN Number of the Purchaser. Since the
Tax has been calculated only on the Reserve Price, the bidder shall bear the 1% income tax on
the bid multiplier amount and the Bank shall not take any responsibility for the same. (*In case of
any sale / transfer of immovable property of Rs. Fifty lacs and above, the transferee has to pay
an amount equal to 1% of the consideration as Income Tax.)

18. Bidders are advised to inspect the property before submitting the bid in order to have a clear
idea about size, extent, specification, quantities etc.

For further details regarding inspection of property / e-auction, the intending bidders may
contact the INDIAN OVERSEAS BANK, Branch Manager SARM Branch, 11/952 Cross Cut Road,
Gandhipuram, Coimbatore – 641 012 during office hours, Phone No. 0422-2497178 or common e
auction e-bkray portal https://ibapi.in

This publication is also a 15 days notice to the Borrower/s/ Mortgagor/s/Guarantor/s of the

above loans under Rule 8(6) of SARFAESI act 2002 about holding of the e-auction sale by inviting
tenders from the PUBLIC in General. For sale of secured assets for terms and conditions please
visit our web portal www.iob.in and https://ibapi.in

Place: Coimbatore Authorized Officer

Date: 19.08.2020