AUCTION SALE BY THE OFFICIAL ASSIGNEE HIGH COURT OF MADRAS

(Saie by the Official Assignee is exempted from payment of stamp duty)

Insolvency of N. Thiyagarajan and S. Nachlappan in I.P. No. 1/2010

The Hon'ble High Court of Madras, by order dated 23.08.2010, made in Insolvency Petition No. 1/2010, adjudicated the above named persons as insolvents and consequent upon the order of adjudication, all their assets wherever situate vest with the Official Assignee, High Court, Madras and in order to discharge the debts of the said insolvents, the propety is brought for sale by the Official Assignee, High Court of Madras, in public auction.

BY

SRI RAJ & CO., Govt. Auctioneers

No. 7, 1st Floor, Sunkurama Chatty Street, Chennai - 1. Ph : 25385686 / 25384554

AT THE PREMISES OF THE SCHEDULE MENTIONED PROPERTY

House and Ground bearing Door No. 7-1-31 to 35 Mothilal Street, (Muthal Veedhi) Kandanur Village, Kandanur Panchayat, Sakottai Union, Karaikudi.

Inspection of Property : 10-8-2019 (Saturday),11.00 a.m. to 3.00 p.m.

Date of Sale :16-8.2019 (Friday) at 4.00 p.m.

SCHEDULE OF PROPERTY

House and ground bearing Door No. 7-1-31 to 35 Mothilal Street, (Muthal Veethi) situated in KANDANUR Village, KANDANUR Panchayat, Sakottai Union, bearing Survey No. 94/7 in Ward No. 5

North by : Lakshmi Achi's land

South by : A.M.K. Muthu Chettiar Land and Thuvadesi Madam

East by : Ooruni Kalvai

West by : Mothilal Nehru Street (Muthal Veethi)

and admeasuring 25 cents (10900 sqft.) within the Registration District of Karaikudi and Registration Sub-District of Karaikudi Joint-1.

-1-

NOTE:

The Earnest Money Deposit is Rs.8,47,500/- (Rupees Eight Lakhs Forty seven thousand and five hundred only)

Upset price Rs.84,75,000/- (Rupees Eighty four lakhs and seventy five thousand only)

TERMS AND CONDITIONS

The sale is the right, title and interest of the 1st insolvent above named in the above schedule mentioned property.

The sale by the Official Assignee Is exempted from payment of Stamp Duty U/ S. 115 of Presidency Towns Insolvency Act, 1909.

The sale is on AS IS WHERE IS CONDITION.

The highest bidder has to verify and confirm the right, title and interest of the insolvents over the schedule mentioned property

The Official Assignee does not give any guarantee or undertaking in respect of title of the insolvents over the schedule mentioned property. Rule of CAVEAT EMPTOR is applicable for sale.

Every Prospective bidder shall deposit the Earnest Money Deposit as stated above for the schedule mentioned property by Pay Order/ Demand Draft only in favour of "The Official Assignee, High Court, Madras-104" payable at Chennai for participating in the auction Sale along with Xerox copy of any I.D. Card with self attestation. The Deposit amount will be refunded to all the unsuccessful bidders at the end of the sale and that of the successful bidder will be adjusted towards the 25% of the Sale Amount payable by him / her. Party's' cheque / cash will not be accepted.

The successful bidder shall deposit the difference of 25% of the bid amount by Demand Draft or Pay Order payable at Chennai drawn in favour of the Official Assignee, High Court, Madras within Seven Days (7 days) from the date of which the bid is knocked in favour of him / her.

The purchaser has to wait until the sale is confirmed by the Official Assignee or by the Hon'ble High Court. No interest will be given for deposit made by the highest bidder. The confirmation of the sale will be intimated to the successful bidder by the Official Assignee and he /she shall make the balance payable within Thirty Days (30 days) from the date of receipt of the letter of intimation as to sale confirmation.

-2-

If the highest bidder acts as an agent and desires to disclose the name of the principal in whose favour the sale has to be confirmed, the name of the principal has to be intimated within 3 days from the date of auction sale, otherwise the sale will be confirmed only in the name of the highest bidder.

The sale is subject to payment by the purchaser of all taxes, property tax, land revenue and Government dues if any and all other outgoing will be borne by the purchaser.

The successful bidder has to deduct TDS in accordance with Section 194 IA of the Income Tax Act 1961 and pay the same to the Income Tax Department.

The Official Assignee shall have the Right of cancelling or postponing the auction at anytime, if he / she thinks fit to do so.

All persons desirous of becoming purchasers are to satisfy themselves as to identity and correctness of the .description of the property and of the measurement and boundaries thereof prior to the sale and once the property is knocked down to him or her, the purchaser shall be held to have waived all objections to the title and to any mistake that may afterwards appear to have been made in the description as well as to any other errors whatever in the description of the property. The purchaser shall not be given a covenant to effect in the conveyance. The Original Title Deed of the property and Parent Documents are not available with office of the Official Assignee, since the insolvents' whereabouts are not known.

On payment by the purchaser of the residue of the purchase money, a proper conveyance deed shall be executed by the Official Assignee to the purchaser and the Official Assignee shall not be required to enter into any other covenant than the usual covenants against encumbrance by him. All expenses relating to the preparation and registration of the conveyance must be borne by the purchaser.

If the purchaser neglects or refuses to comply with the above conditions or any of them, his or her deposit money shall be forfeited and shall not be returned to him / her and the Official Assignee shall thereupon and without notice to the purchaser be at liberty to resell the property either by public auction or private contract and the deficiency if any arising, from such resale, together with all expenses attending to it, shall be made good by the defaulting purchaser to the Official Assignee, and he will have no claim on any profit that may occur in the resale.

-3-

Every subsequent bid by the bidders should not be less than

Rs.10,000/-.

Only those who paid Earnest Money Deposit will be allowed to participate in the auction sale, others will not be allowed in the auction sale.

Cell phones are not allowed at the time of auction.

The participants in the auction sale will not be allowed to leave the place until the auction is over.

For other details and inspection of documents intending purchasers may contact The Section Officer, (Property Section, 0/o the Official Assignee, High Court, Madras-104. Phone No 044-25301275 & 044-25301212.

OFFICIAL ASSIGNEE High Court, Madras,

***********

Agreeing to the above terms and conditions I have participated in the Public

Auction and declared as Highest Bidder for the property in the above

mentioned schedule for

Rs

Name of the purchaser

Address

Contact No Fax

E-mail

Aadhar No

Signature of purchaser

with date 5/G/11- -4-