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Last updated on : 07/08/2018
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Sale Notice for M/s Saradambika Power Plant Pvt. Ltd. (Project No.1743)





Then Authorized Officer of the Indian Renewable Energy Development Agency Limited (IREDA), New Delhi under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act ,2002 (herein after termed as SARFAESI Act 2002) and in the exercise of the power conferred under section 13(2) read with rule 6 & 8 of the Security Interest  Enforcement Rules,2002 had  issued demand notice dated 10th November,2015 calling upon the Borrower M/s Saradambika Power Plant Private Limited  having its registered office at  D.No. 6-3-570/1, Flat No. 502. Vth Floor, Emerald Block, Lumbini Raockdale Compound, Somajiguda, Hyderabad-500082, Andhra Pradesh to repay the amount mentioned in the Notice being Rs. 27,98,77,567/- (Rupees Twenty-seven Crores Ninety-eight Lacs Seventy-seven Thousand Five Hundred Sixty-seven only) calculated up to 30.06.2015 with further interest, additional interest by way of liquidated damages with other cost, charge and monies till realization within 60 days from the date of receipt of the notice.

As Borrower/Mortgagor/ Guarantor (s), as mentioned in the notice, had failed to repay the said amount, the undersigned being the Authorized officer of the Indian Renewable Energy Development Agency Limited (IREDA) took the possession of the mortgaged properties described herein below in exercise of power conferred under section 13(4) of the SARFAESI Act, 2002, read with Rule 9 on 21.11.2017.  The property will be sold along with the movable properties on “AS IS WHERE IS, WHATEVER THERE IS AND WITHOUT RECOURSE BASIS” by way of auction at project site at Chimur (Mini) Industrial Area, Chimur, Chandrapur District, in the state of Maharashtra . At the sale, the public generally is invited to bid either personally or through duly authorized agent. The interested bidders/buyers shall produce their Original PAN Card/Voter ID/Driving License/Passport at the time of auction. Below mentioned assets shall not be sold below the reserve price and Bid without Earnest money will summarily be rejected. The amount by which the biddings are to be increased shall be determined by the Authorized Officer conducting the Sale. In the event of any dispute arising as to the amount of bid, or as to the bidder, the assets at once be again put up to auction. The Successful bidder shall be declared to be the purchaser of property provided that the amount bid by him is not less than the reserve price. Successful/highest bidder shall have to deposit 25% of the bid amount by way of Pay Order/Demand Draft favouring Indian Renewable Energy Development Agency Limited (IREDA) payable at New Delhi or RTGS mode (Balance 15% only) after the fall of the hammer, after adjusting the earnest money, failing which the earnest money shall be forfeited. The purchaser shall deposit the balance 75% of the sale proceeds to the Authorized Officer, IREDA, Core 4A, India Habitat Centre, Lodi Road, New Delhi-110003 on or before 15th day from the date of sale of the property, exclusive of such day, or if the 15th day be Sunday or any other holiday, on the first day after the 15th day. In case of default of payment within the prescribed period, the property shall be resold, after issue of fresh Sale Notice, the defaulting purchaser shall forfeit all claims to the property or to any part of the sum for which it may be subsequently sold. All expenses relating to the Stamp Duty, Registration etc. are to be borne by the purchaser.



Description of properties

Date of Demand Notice

Date of Possession

Date of Auction. Time and Place

Reserve Price

Earnest Money


 M/s Saradambika Power Plant Private Limited (Project No.1743) - All the movable /immovable properties of the Borrower pertaining to 10 MW Biomass Power project at Chimur (Mini) Industrial Area, Chimur, Chandrapur District, in the state of Maharashtra.


Details of Immovable properties/ land:


All those pieces and parcels of land known as Plot No. B·l, in the Chimur Industrial Area, situated at Village Limits of Chimur and outside the limits of Chimur Municipal Council/Corporation In Rural Area, Taluka and Registration Sub District  Chimur  and Registration District Chandrapur, containing by admeasurements 66828 Sq. Mtrs  or thereabouts  and   bounded as follows:·


On or towards the North by Open space 20.00 mtrs Road/W Plot No. A-21;

On or towards the South by Warora-  Chimur  Road and 20.00  mtrs Road/W;

On or towards the West by 20.00 mtrs Road/W & Plot No. A-16, A-17;

On or towards the East by    MIDC Boundary.



together with all buildings, structures, erections etc. constructed and/or to be constructed thereon and the plant and machinery attached to the earth or permanently fastened to any· thing attached to the earth/fixtures and fittings erected/installed or to be erected/installed thereon and  every part thereof both present and future.



Details of Movable properties:


The whole of the movables properties of the Borrower, wherever situate, including and pertaining to 10 MW Biomass Power project at Chimur (Mini) Industrial Area, Chimur, Chandrapur District, in the state of Maharashtra, and elsewhere including its movables plant and machinery, machinery spares, tools and accessories and other movables both present and future, whether installed or not and whether now lying loose or in cases or which now lying or stored in a about or shall hereafter from time during the continuance of security of these presets be brought into or upon or be stored to be in or about all the Borrower factories, bio-mass power plant, premises and godowns wherever the same may be or be held by any party to the order disposition of the Borrower or in the course of transit or on high seas or on order, or delivery, however/ and whosesoever in the possession of the Borrower and either by way of substitution or addition excluding the specified movables to be charges to bankers for Working Capital Borrowings as may be agreed to by IREDA in writing, and subject to prior charge of Banks on specified current assets other than Receivables of Power generated from the project by way of exclusive first charge




13-09-2018 at 1200 Hours at project Site at Chimur (Mini) Industrial Area, Chimur, Chandrapur District, in the state of Maharashtra


Rs. 20.23 crores

Rs.2.03 crores by way of Pay Order/Demand Draft  to participate in the bid ( being 10% of the reserve price)

The original Owner/mortgagor whose property is being sold shall take note of it and make efforts from his end in realizing fair market price of the property. IREDA will be free to dispose-off the property at the best viable price.

Inspection of the aforesaid property can be done on 20th  August, 2018. For further details, if any, please contact the Authorized Officer, IREDA’s Office, India Habitat Centre Lodi Road, New Delhi -110003.

Other Terms and Conditions

  1. Bidders are required to comply with KYC norms and provide self-attested KYC documents at the time of depositing EMD (earnest money deposit) amount. The genuinity of the KYC documents is the sole responsibility of the bidder.
  2. The successful bidder shall bear the stamp duties, charges including those of sale certificate, registration charges, all statutory dues payable to government, taxes and rates and outgoing, both existing and future relating to the properties.
  3. The sale certificate will be issued in the name of the successful bidder only and for the successful bid amount as sale consideration, after payment of the entire successful bid amount/closing bid amount and other charges if any.
  4. The property is sold in “AS IS WHERE IS, WHATEVER THERE IS AND WITHOUT RECOURSE BASIS” in all respects. The intending bidders should make enquiry as regards any claim, charges/encumbrances on the properties, of any authority, besides IREDA’s charges and should satisfy themselves about the title, extent, quality and quantity of the property before submitting their bid. For any discrepancy in the property the participating bidder is solely responsible for all future recourses from the date of submission of bid.
  5. No claim of whatsoever nature regarding the property put for sale, charges/encumbrances over the property or on any other matter etc. will be entertained after submission of the bid/confirmation of sale.
  6. The Authorized officer/IREDA will not be responsible for any charge, lien, encumbrance, property tax dues, electricity dues etc. or any other dues to the Government, local authority or anybody, in respect of the property under sale.
  7. Prospective bidders are advised to peruse the copies of title deed and also carry out their own inquires to satisfy themselves regarding title to the property, marketability, right, interest, encumbrances, dues if any, over the property.
  8. The Authorized officer has the absolute right and discretion to accept or reject any bid or adjourn/postpone/cancel the sale or add/delete/change any of the terms and conditions of this sale at any time without prior notice to the owner, bidder, public etc. and without assigning any reason.



SL Burman

Authorized Officer, IREDA