Date of Event: 25 November 2023 | Time 12.00AM – 3.00 PM
Event No. 0019 | Seller :- SREI Equipment Finance Limited
Pickup Location : –
| Merck Life Science Private Limited | Ketan Rawal | 9898008499 | 1203-1204 A , 13th floor, “B” Block- Westgate True Value Hub , Near YMCA Club, S.G.Highway , Ahmedabad – 380051 |
Refundable Pre BID EMD:- Bidders have to Pay a Demand Draft/NEFT/RTGS of Rs.1000/- as PRE BID EMD in the Favour of “Ancus India Reprocessing Pvt Ltd” and Submit it to Nearest Ancus or SREI Office Before 25 November 2023 , 10 AM. Once EMD will be Submitted and Same Shall be Confirmed by Bidder on Mail. After Submission of Pre BID EMD, Bidders will Receive a Key to participate in Auction and that Key can be Found in there Vestadeal’s Dashboard Once EMD has Been Submitted.
If Bidders win than He has to make Remaining Payment in SREI’s Account and his EMD will be Adjusted and If Bidders did not Win his/her EMD will be refunded. If Winner fails to make Payment in required time or Refuse to Pick Up the Material than his/her EMD will be fortified and bidder will be banned permanently for participating in the Auctions on Vestadeal.com.
Payment Terms :- Winner has to make Remaining Payment within 7 Days.
For Details of Submission of Pre Bid EMD kindly Call +91 70286 17402
Basic Terms and Conditions :-
SREI EQUIPMENT FINANCE LIMITED / Seller, will be hereinafter referred to as PRINCIPAL and Ancus India Reprocessing Pvt Ltd., the Selling Agent of the PRINCIPAL, will be hereinafter referred to as Ancus/Auctioneer. Wherever the word, buyer, purchaser, successful bidders are indicated, it will be referred to as successful bidder.
1. Subject to the reserve price, if any, fixed for the materials by the owner or persons duly authorized in this regard (hereinafter called as Authority) and on the terms and conditions hereunder, sale shall be made to the highest auction bidder on “As is where is and no complaints basis”.
2.0 VALIDITY:
2.1. The bidders must keep their offers valid for a period of 30 (Thirty ) calendar days from the date of closing of the E- auction which may be extended for any further period of time as may be mutually agreed upon by the seller and the bidder with the recommendation of Ancus.
2.2. If after the Lot(s) is allotted, the H-1 bidder withdraws & the bidder fails to pay such amount as is demanded, the EMD/Registration fee will be forfeited and the lot will be resold at the risk of such bidder who will have no claim to any profit that might accrue on the resale.
3.0 INSPECTION:
It is to be clearly understood that the sale is on ` AS IS WHERE IS’ basis and hence bidders are required to inspect the materials before bidding and they should fully satisfy themselves as to the nature of the materials. No claims / complaints on this account will be entertained at a later date either by Ancus or OWNER. Therefore the Principle of “CAVEAT EMPTOR” (Let the buyer beware) will apply.
GENERAL TERMS & CONDITIONS
ASSET INSPECTION
The Asset(s) put up in the Auction are to be sold on AS-IS-WHERE-IS and AS-IS-WHATS-IS & and WHATEVER-THERE-IS & and “ON NON RECOURSE BASIS” only.
It shall be the duty of the Bidder to inspect the Asset(s) as there may be missing parts/equipment in the Asset(s) lot and to ensure complete satisfaction and knowledge about the condition of the Asset(s) being sold including due diligence in relation to taxes and duties, local working condition and other extraneous factors before placing the bid for the Auction. Physical evaluations of Asset may be undertaken the Bidder, upon request to the Auctioneer/Seller. The Principle of Caveat Emptor (let the buyer beware) shall apply to the Auction, No complaints grievances by the Bidder shall be entertained by the Auctioneer and/or the seller after the Auction and/or on the Auction on the ground that certain information about the Asset(s) were not known, including issues/queries pertaining to Tax Liability, warranty or Guarantee of the of the quality, quantity, measurement, condition, defect in any item/s or lot/s, etc. For viewing the Asset(s), Bidders may please contact the Auctioneer (Ancus) for gate pass upon registering themselves after submitting the earnest money deposit (EMD) amount. In certain scenarios, Seller may restrict physical inspection of the assets before auction. Inquiries regarding inspection can be sent to auction@vestadeal.com. Inspection of assets are strictly based on registration on the auction platform, deposit of EMD or as per the Auctioneer discretion. Bidders are advised to obtain all relevant information before bidding and during the inspection of the Assets. Some of the Assets may have inspection report made by third parties. Bidders are requested to visit the website of the Auctioneer to check for the inspection report or contact the customer care for valuation. These information provided are for reference only and shall not absolve the duty of the Bidder to inspect the Asset(s).
DOCUMENTATION PROCESS AFTER WINNING
| Individual / Proprietor | Partnership Firm | Limited/PVT Limited Company |
| Pan Card | Pan Card of the Firm | Pan Card- Company |
| Aadhaar Card | Trade Licence | Memorandum of Association |
| Mobile No | Certificate of Company Registration | Article of Association |
| Bank Statement for Address Proof | GST Certificate | Certificate of Company Registration |
| Partnership Deed | Trade Licence/GST certificate | |
| Nearest Landmark | Bank PassBook – Address Proof | Bank PassBook – Address Proof |
| Distance from Nearest SREI Office | Mobile No | Mobile No |
| GST Certificate | ||
| Nearest Landmark | Nearest Landmark | |
| Distance from Nearest SREI Office | Distance from Nearest SREI Office | |
| KYC of Directors ( SELF Attested PAN Card / Aadhar Card both Required) | ||
| Board Resolution on Letterhead for Authorized Representatives on behalf of directors |
For E-Auction Bidders shall be quoting from their own offices/ place of their choice. Internet connectivity and other paraphernalia requirements shall have to be ensured by Bidders themselves. Auto extension of bid closing time is applicable on all online auctions. When the time runs out for an
online auction and a Bid is placed during the last minute of the Online Auction, extra time of additional 2 (Two) minute will be added to the closing time of the auction. Proxy bidding can all the users. Proxy bid is the maximum amount of bid a user is ready to bid on a particular auction. The
system will automatically bid on the user till the limit set on the proxy bid. Our instructions are binding and you are obliged to comply with all reasonable directions and instructions with respect to our online auctions that are given by us or on our behalf. The bidder understands and agrees that the Seller shall have the right to cancel or postpone the auction any time without assigning any reason thereof, including after receipt of the sale proceeds amount from the successful bidder. However, in such cases the Seller shall refund the entire amount received, without any interest or compensation. Please note that failure of Internet connectivity (due to any reason whatsoever it may be) shall be sole
responsibility of Bidders and neither the Seller nor Auctioneer shall be responsible for these unforeseen circumstances. Bidders are requested to get themselves familiar with the Auction Portal before Bidding.
EMD
Bidding Bid : Once the Bid has been submitted by the Bidder, the same cannot be cancelled/withdrawn and the Bidder shall be bound to buy the Asset(s) at the final Bid Amount offered by Bidder, if approved.
Forfeiture/Penalty : Entire EMD Paid by a successful Bidder may be forfeited and/or will be blacklisted including blocking of user ID and preventing from bidding in any conducted by the Auctioneer may be done for the following reasons, including for breach of terms of the Bidder Undertaking:
Non-payment of the full Bid Amount for any one or more than one Asset(s) bid by the Bidder in the Auction
Non-payment of the full Bid Amount within the stipulated payment Timeline as mentioned in this Auction Catalogue
Failure to lift the Asset(s) within the stipulated timelines
Mail Us on auctions@vestdeal.com to get Account Number for Payment of EMD
REFUND
The EMD for unsuccessful Bidder shall be refunded by Auctioneer/Seller, as the case may be, in the respective bank account of the Bidder as declared in the Auction Registration Form or to the virtual Wallet of the Auctioneer which can be used for future auction, on request of the Bidders. The Bidders will not be entitled to claim any interest, costs, expenses and any other charges (if any) on the END from the Auctioneer/Seller.
EMD ADJUSTMENT
The Successful Bidders EMD will be blocked against the Asset(s) under Auction till they make Remaining payment of the Bid Amount (along with applicable charges and taxes) for the same in the terms as mentioned herein below.
EMD transferred by the Auctioneer: The Auctioneer shall transfer the EMD as received from
the Successful Bidder against the Asset(s) under Auction to the seller’s designated bank account on receipt of the approval of the successful bid.
EMD Collected by Seller : If the EMD is collected by the seller, seller may adjust the EMD with the final Bid Amount for Successful Bidder.
PAYMENT TIMELINES
Approval status/LOA will be intimated by the Auctioneer to the Successful Bidder on behalf of and on confirmation of the Seller through E-mail/SMS within 30 working days from the Auction was concluded or calendar month end in which the Auction was concluded, whichever is later.
Payment deadline is strictly within 7 working days from the date of LOA or within the month end in Auction was concluded, whichever is earlier or within the specified mentioned in the LOA. No cheque will be entertained, Bidders shall deposit the Bid Amount payment by Demand Draft/Pay Oder/RTGS.
TCS & GST APPLICABILITY
In case of purchase/sale of assets for an invoice value exceeding Rs 10 Lakhs, TCS amount @ 1% is applicable unless specified otherwise.
Please note that the GST is applicable on the Assets purchased by you as per applicable law which will be paid by the Successful Bidders. GST will be calculated as per Sellers calculation mechanism. The GST will be exclusive of bid price. Please check with Sellers Asset List before participating in the Auction.
RELEASE ORDER & PAYMENT
After receipt of total Bid Amount from the Successful Bidder, Seller shall release the Release Order (DO) of the Asset in their name of the Successful Bidder only. Payment must be done from Successful Bidders A/C only. No third party payment will be accepted by the seller.
LIFTING PERIOD
Lifting and delivery conditions of each asset would vary from asset to asset & seller to seller. Unless specified otherwise, as a rule, lifting of assets would be within 7 (Working) days of Delivery/Release Order from the Seller and Once the lifting timeline expires, the
seller, yard or the auctioneer would not be responsible for safekeeping, maintenance or upkeep of the asset and buyer would be solely responsible to take delivery of the asset at its own cost and risks. If the timeline of 30 days passes and the buyer has not taken delivery, Seller may reject the contract to sell and eventually sell the asset to some other buyer/third party without intimating the original buyer. In certain scenarios, the seller also reserves the right to forfeit the entire sale proceeds of the original buyer without providing any explanations and the original buyer’s ownership claim on such asset would cease to exist.
POST SALE DOCUMENT FROM SELLER
Documentation for fulfilment of each asset would vary from asset to asset & seller to seller. Certain documents would be standard and made available in each transaction issued by Ancus such as EMD receipt, LOA/LOI, Delivery Note & Payment receipt. Issuance of Seller specific documents such as Release or Delivery Order, GST Sale Invoice, Sale Agreement, Sale Certificate, Bill of Supply, E-way bill & any other relevant documents will be completely under the scope of specific Seller.
Other T&Cs
Buyers are advised to obtain all relevant information before bidding and during the inspection of the assets. The SELLER or Auctioneer will not entertain any query or grievances post-auction. This is applicable to all issuers, including issues/queries pertaining to Warranty or Guarantee of the quality, quantity, measurement, condition, defects in any item/s or lot/s from the Bidders end. Lot details given are indicative only and the Bidders are strongly advised to inspect the assets in the Sellers warehouses/premise before bidding. Any communication with the company’s staff members excepting at the time of registering for the auction or filling Bidder Undertaking form is not allowed. Forming or attempting to form CARTEL amongst Bidder is strictly not allowed and will result in disqualification of the Bidder(s). Any Bidder(s) found in indulging in any of the above mentioned activities will be disqualified and barred from participating in the Auction. The highest bidder does not get any right to demand acceptance of his offer/bid. SELLER reserves the right to accept/ reject/ cancel any offer/ bid, withdraw any portion of the assets at any stage from
Auction even after acceptance of offer/ bid/ issue of delivery order or release order/ deposit of full value by successful bidder without assigning any reason thereof, In the event of such rejection/cancellation/ withdrawal,. SELLER shall refund the value of assets, if paid for, to the successful bidder, Discretion lies solely on SELLER regarding this. No Lots can be removed without full payment being realized and presentation of original Delivery Order obtained from SELLER. Any Disputes related to the Assets/ Documents, procedures, Post Sale, would be dealt by SELLER only and Auctioneer does not have any involvement or does not have any role to play in the same.
The Seller and/or Auctioneer reserve the right to black-list, debar any bidder/bidder due to any act of omission or commission or fraudulent acts indulged or caused to be indulged by such bidder/bidder in the course of the bidding process and/or in the execution or performance of any of the contracts which may be awarded to the bidder/bidder pursuant to the e-Auction, provided, however, that the Seller and/or Auctioneer shall be obliged to allow an opportunity of being heard to such bidder/bidder before any order of black-listing/debarment could be passed. Any such order of black listing/debarment that may be passed by the Seller and/or Auctioneer shall be without prejudice to other rights of actions
available to the Seller and/or Auctioneer against the bidder/bidder under the e-Auction Terms & conditions.
NOTE:
IN CASE THE GST RATES ARE REVISED PRIOR OR SUBSEQUENT TO THE E-AUCTION DATE BY THE GOVERNMENT THE NEW GST RATE WILL BE APPLICABLE WHICH MAY BE BROUGHT OUT SUBSEQUENTLY. IN SUCH AN EVENT THE DIFFERENTIAL AMOUNT TOWARDS TAXES AND DUTIES IF ANY ARE TO BE PAID DIRECTLY TO THE OWNER BEFORE EFFECTING THE DELIVERY OF THE MATERIAL