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Terms & Conditions

  1. Hon’ble High Court of Judicature at Hyderabad for the State of Telangana and the State of Andhra Pradesh, in the case of PIL 17 & 18 of 2016, vide its orders dated 06-02-2017 has ordered for sale of immovable properties of M/s Akshaya Gold Farms & Villas India Ltd and Group of companies, through sealed tender.

  2. Unless the context otherwise requires under the terms and conditions of the auction sale, the following words wherever appears means”

    1. “High Court” means the Hon’ble High Court of Judicature at Hyderabad for the State of Telangana and the State of Andhra Pradesh:

    2. “Seller/Principal” means M/s Akshaya Gold Farms & Villas India Ltd and Group of companies.

    3. “Bidder(s)”/”Purchaser(s)” while being used interchangeably, shall be deemed to mean and include his/her/their/its legal heirs, legal representatives and successors.

    4. “Sale Notice” means the Auction Sale Notice published in the News Papers for inviting bids from the public for sale of properties. “Terms and conditions of sale” shall include without limitation the terms, conditions and disclaimers stipulated / embodied whether in this Invitation to Bid Document, Declaration, Offer Acceptance Letter, Auction Sale Notice publication, Affidavits, undertaking etc. as amended from time to time and every other document and writing as may be executed or caused to be executed by the bidder(s) / purchaser(s) forming an integral part of the Invitation to Bid Document.

  3. The auction is through bids in sealed covers and the participation and sale shall be subject to the terms and conditions mentioned in succeeding paras.

  4. Earnest Money Deposit (EMD):

    1. The intending bidders have to deposit the EMD by way of remittance of funds through by Demand draft/Pay order before the date stipulated in the Public Notice for Sale or in the schedules mentioned in the websites: &

    2. Bidder has to mention his name in Remittance slip/back side of the DD as the case may be

    3. Where the EMD is less than the amount mentioned in the public notice for sale, then such bid/offer shall be treated as invalid.

    4. Bids which are conditional and/or which are not accompanied by EMD receipts shall be out rightly rejected. Bids received after the last date fixed for receiving bids shall not be considered or entertained.

  5. The intending buyers may visit/ inspect the properties on or before the specified dates mentioned in the auction notice.

  6. The buyers shall address the bids in a sealed cover by speed post or RPAD to the Registrar (Judicial), High Court of AP & Telangana, Hyderabad accompanied by a Demand Draft representing one percent of the bid amount. The offerers should write “Akshaya Gold Offer” on the envelopes.

  7. The sealed covers shall be sent so as to be delivered in the office of the Registrar (Judicial) only by speed post or RPAD on or before the specified time and date.

  8. Bids quoted below the reserve price shall not be considered.

  9. The sealed covers will be opened in public Court on the specified time and date.

  10. The bidders or their authorized representatives may be present in Court hall at the time of opening of the sealed covers, so that the court may examine the possibility of asking the bidder to improve their bids

  11. Awarding the Bid:

    1. The successful bidder will be informed about the acceptance in writing/ by email by the Hon’ble High Court/CID, AP The successful bidder shall be required to pay 25% of the offer amount (i.e., sale price) (after adjusting the EMD amount already paid) within 10 days of issue of acceptance letter by Hon’ble High Court/CID, AP, failing which the EMD amount remitted will stand forfeited. The balance amount of sale price i.e., 75% of offer amount shall be paid within 30 days of issue of acceptance letter or extended time, if any, in writing. Additional 15 days of extended time is also available in case of sale proceeds exceeding Rs.10 Crores in respect of any property. If the balance amount is not remitted within stipulated / agreed time, the amount of 25% will stand forfeited. In such situation, The Hon’ble High Court shall be entitled to put up the Immovable Properties in question for sale/disposal again in its absolute discretion. In that event, the defaulting bidder shall forfeit all claims to the Immovable Property for which he had bid.

    2. In the event of failure on the part of highest bidder in fulfilling the above payment conditions, then the Hon’ble High Court/CID, AP reserves the right to offer the property to second highest bidder in the line provided the second highest bidder matches the price of the highest bidder.

  12. Payment of the sale consideration (i.e., 25% of sale price and the balance 75% thereafter as stated above) should be made by the successful bidder / purchaser by way of remittance through NEFT or RTGS or Demand Draft / Pay Order to the Account as mentioned in the acceptance letter.

  13. The EMD will be refunded to the unsuccessful bidders within 3 days from the date of Auction. The bidders shall not be entitled to claim any interest if the refund of EMD is delayed for any reason whatsoever.

  14. The particulars in respect of the Immovable Properties specified in the sale notice have been given by the Seller. CID, AP shall not be responsible for any error, misstatement or omission in the said particulars. The Bidders are therefore requested in their own interest, to satisfy themselves with regard to the above and all other relevant details / material information pertaining to the above mentioned Immovable Properties / Secured Assets, before submitting the bids.

  15. Where an Immovable Property is not sold or the sale is not confirmed in favour of any bidder, for any reasons, such bidder shall be entitled to receive back the entire amount paid by the bidder towards sale consideration without any interest. However, the bidders shall not be entitled to claim any compensation or damages on any ground whatsoever.

  16. Hon’ble High Court may accept or to reject the highest, any or all bids without assigning any reason whatsoever.

  17. Hon’ble High Court may also direct the bidders to improve upon their bids after the sealed covers are opened in the court hall.

  18. Any error, misstatement or omission shall not be a ground for annulment of the sale and shall neither discharge the successful bidder(s)/ purchaser(s) of his/her/their/its obligations nor entitle such successful bidder / purchaser to claim any compensation. The purchaser shall be bound by the regulations of the local / any other authority, body, person etc. whether statutory or otherwise as may be applicable with regard to the use, occupation and disposal of the Immovable Properties in question.

  19. The successful bidder /purchaser shall be required to bear / pay all expenses including but without limitation stamp duty, registration charges, society dues, municipal taxes, cess, transfer fee, premium and /or other expenses / charges incidental thereto in connection with transfer / sale of the Immovable Properties in his / her / their / its name(s).

  20. The bidder(s) may, if they so desire, inspect the relevant documents of title and papers pertaining to the immovable properties. The same shall be available / made available for inspection between the date of publication of the Public Notice for Sale and the date fixed for auction with prior appointment of the seller. In the event the bidders fail or choose not to inspect / scrutinize / verify the right, title, interest of or otherwise the entitlement, authenticity of title of the owner(s) or their predecessor(s) in title to the immovable properties offered for sale, it shall be presumed / deemed that the bidders / purchasers wherever applicable have inspected / scrutinized / verified the documents of title and/or other papers pertaining thereto and further shall be imputed to have constructive notice of the contents thereof.

  21. Hon’ble High Court shall be at liberty to amend/modify/delete any of the terms and conditions at its sole discretion as may be deemed necessary or warranted in the light of the facts and circumstances of the case without giving any further notice to the bidders / purchaser and the bidders/ purchaser shall be deemed to have accepted such revised terms and shall accordingly be bound by them.

  22. Where the Immovable Properties are subject matter of any suit, application, proceedings or litigation (lis pendens) before any court, tribunal, forum or any other authority, the bidders / purchasers shall not claim any compensation, damages, interest etc. from Hon’ble High Court or CID, AP or Seller in any eventuality in respect of the auction held.

  23. The invalidity or unenforceability for any reason of any one or more term of the terms and conditions of sale shall not prejudice or affect the validity or enforceability of its other terms which shall continue in full force and effect.

  24. The Hon’ble High Court/CID, AP shall have the right to cancel / postpone / defer / annul the auction sale, whether before or after the scheduled date of auction, without assigning any reasons and without prior intimation / notice to the bidders.

  25. Notwithstanding anything contained hereinafter, any claim, dispute or difference arising between the bidder / purchaser and Seller in connection with the terms and conditions thereof or anything done or omitted to be done pursuant hereto shall be referred / submitted to the arbitration of a sole arbitrator to be appointed by Hon’ble High Court/CID, AP. The Arbitration shall be held in Hyderabad. The Arbitration shall be governed by the laws prevailing in India, more particularly, The Arbitration and Conciliation Act, 1996, or any modification or re-enactment in force at the relevant time. The Arbitration shall be conducted in English Language. Each party shall bear its respective cost / expenses of Arbitration.

  26. Any dispute / difference arising out of sale of the immovable properties/secured assets offered for sale or in respect of any of the terms hereof which cannot be submitted to arbitration for any reason or outside the scope / purview of arbitration whether on account of a subsequent legislation, amendment, reenactment, development etc. or otherwise for seeking any directions / orders necessary for the successful resolution of dispute through or incidental to Arbitration (where such a need arises and if permissible under law), only the Courts in Hyderabad shall have the exclusive jurisdiction to entertain, try and adjudicate such application / dispute to the exclusion of all other Courts.

  27. All bids placed as per this bid document are legally valid bids and would be considered as the bids from the bidder himself/herself. Once the bid is placed, the bidder cannot reduce or withdraw the bid for whatever reason. If done so, the Earnest Money Deposit will be forfeited.

  28. Every bid will be accompanied by an undertaking that “I / We have read and understood fully the terms and conditions specified in the Public Notice for Sale of the Immovable Property / Secured Asset as mentioned in the Schedule hereunder and the terms and conditions mentioned above in this Bid Document and I/we unconditionally submit to the terms of sale, declaration and other documents”.