Auction Sale of Mortgaged Property: Flat No A-101/A, First Floor, Gray Garden Measuring 127.33 square Yard constructed on Plot No FL-9, Block No 16, Gulshan-e-Johar.

Request For Proposals

General Information
Country:   Pakistan
City/Locality:   Karachi
Notice/Contract Number:   ept:4033782
Publication Date:   Oct 26, 2009
Deadline:   Nov 19, 2009
Buyer:   Allied Bank Limited
Original Language:   English

Contact Information
Address:   Area Manager II
Allied Bank Limited
SAM Branch, 2nd Floor, Trade Tower, Main Abdullah Haroon Road
Karachi  
Pakistan
Telephone:   021-35217073
Fax:   0333-2624544

Goods, Works and Services

 

Original Text

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Opening date of tender: 11/19/2009 11:30

General public is hereby informed that Allied Bank Limited, having its Branch known as SAM Branch, Karachi, in exercise of its power under section 15 of the Financial Institution (Recovery of Finances) Ordinance, 2001 is desirous to sell property Mortgaged with it and belonging to its Customer / Guarantor / Mortgager namely Mrs Farheen Rehman W/o Shakeel-ur-Rehman. Guarantor of M/s Al-Rehman Medical Super Store, proprietorship concern of Mr. Shakeel-ur-Rehman who has defaulted in repayment of dues payable by them to said Branch of the Bank as a principal borrower. Particulars of the Mortgaged Property, name of the Customer/Mortgager and dues of the Bank outstanding against them including mark-up/cost of funds as on 30.06.2009 along with Terms & Conditions of the Auction are herein below provided: Name of Customer; M/s Al-Rehman Medical Super Store, proprietor Mr. Shakeel-ur-Rehman, Shop No.17. Street No. 8/1, Laraib Garden, Block -1, Gulshan-e-lqbal, Karachi. Name of Mortgager; Mrs. Farheen Rehman, W/o Shakeel-ur-Rehman, R/o Flat No A-101/A, First Floor, Gray Garden, Block-16, Gulistan-e-Johar, Karachi, having FSV Rs. 3.060 (M)
Description of Mortgaged Property; Flat No. A-101/A, First Floor, Gray Garden, measuring 127.33 Square Yard constructed on Plot No. FL-9. Block-16, Gulistan-e-Johar. Karachi.
Outstanding Dues Rs 6,33,481 including COF up to 30.06.2009.
Terms & Conditions: 1) Any person desiring to participate in the said Auction should submit their bid with an attested copy of CNIC to the said SAM Branch, Karachi, latest by 17-11-2009 before close of the Banking Hours along with a demand draft equivalent to 25% of the bid amount favouring Allied Bank Limited for the said property. On acceptance of the highest bid, the deposit of unsuccessful bidders will be returned within 7 days of the Auction.
2) Sealed offers shall be opened on 19-11-2009 at 11.30 am in the office of undersigned in the presence of the interested bidders.
3) Property will be sold out on "as is where is basis." All dues of any nature including expenses for the finalization / registration of the sale deed including stamp duty, registration fee, local counsel fees, property taxes, water & sewerage / conservancy dues or any other tax, electric dues and all other duties and charges, etc., will be borne by the purchaser. The Bank shall not be responsible for payment of any utility dues and property taxes or any other charges outstanding in respect of the Mortgaged Property.
4) The successful bidder will make payment of balance 75% amount within 15 days from the date of acceptance of the bid, failing which, the amount already paid by the successful bidder will be forfeited and the Mortgaged Property will either be sold afresh by public auction at the risk of the bidder or to the second and third bidder (if any), who will be required to match the offer or more of highest bidder.
5) The Bank, unconditionally reserves the right to reject any bid or not to accept any or all of the bids or cancel the Auction at any stage even after receiving and opening and accepting bids without assigning any reason.
6) The intending bidders may obtain any other information of the property under Auction from the under mentioned Bank representative.
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