Bid Document

JET AIRWAYS (INDIA) LIMITED

Currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency &
Bankruptcy Code, 2016
Regd. Office: Global One, Jet Airways, 3rd Floor, 252 LBS Marg, Kurla West, Mumbai 400070
CIN : L99999MH1992PLC066213
Email ID: [email protected]

Sale of Immovable Property under CIRP Process

Put up for Sale / Transfer On “as is where is basis”, “as is what is basis”, “whatever there
is basis” and “without recourse basis” including with reference to title and condition thereof.

The Resolution Professional (“RP”) of Jet Airways (India) Limited (Jet), with the approval of the
Committee of Creditors of Jet (“CoC”) and order passed by the Hon’ble National Company Law
Tribunal, Mumbai, intends to sell / transfer by way of public auction the Immovable Property (as
described hereinafter) on “as is where is basis”, “as is what is basis”, “whatever there is
basis” and “without recourse basis” including with reference to title and condition thereof.
Housing Development Finance Corporation Limited (“HDFC Ltd”) has a security interest over
the Immovable Property as per Unilateral Indenture of Mortgage dated September 21, 2017
read with the Supplemental and Amendatory Deed to the Unilateral Indenture of Mortgage
dated February 14, 2018.

A third party E-Auction Agency (“Auctioneer”) has been appointed by the RP to organize the
auction and sale / transfer of the Immovable Property by e-auction (details of E-Auction Agency
and E-Auction link along with user id and Password will be provided/intimated to the bidders
separately).

1 Date and time of E-Auction 26th June 2020

Start Time 10.00 a.m.
End Time 1:00 p.m.

2 Last date of receipt of bid documents along 24th June 2020 by 6:00 p.m.
with details of deposit of EMD amount

3 Name of Corporate Debtor Jet Airways (India) Limited

4 Description of the Immovable Property put As mentioned in Schedule - I here in below.

up for sale / transfer for which bid is
submitted

5 Telephone No. and person to be contacted Jatender Pal Sigh (+91 98716 66164)

Page 1 of 19
X
 6 Date of Inspection of Immovable Property 19th June 2020
[Note: To be re - considered if lockdown
subsists] 11.00 a.m. to 1.00 p.m.

7 Mode of Payment NEFT/RTGS (DD/Cheque will not be

accepted)

8 Reserve Price INR 490,00,00,000

9 Earnest Money Deposit (“EMD”) INR 25,00,00,000

10 Date of e-auction 26th June 2020

Ashish Chhawchharia
(IBBI/IPA-001/IP-P00294/2017-18/10538)
Resolution Professional
for Jet Airways (India) Limited
E: [email protected]
Registered with IBBI:
Date - 13th June 2020 Grant Thornton, 10 C Hungerford Street, Kolkata – 700017
Place - Mumbai E: [email protected]

Page 2 of 19
X
 E-AUCTION BID DOCUMENT
(Read carefully the terms and conditions of sale / transfer before filling-up and
submitting the bid)

Dear Sir,

I/We _______________________________________________________________________
hereby express my/our willingness to participate in the auction notified vide your sale notice dated
13th June 2020 published in Newspapers viz: Financial express, Free Press journal and Local
regional newspaper (Marathi) dated 13th June 2020 for the property described a s mentioned in
Schedule - I herein below (hereinafter referred to as the “Immovable Property”). I/We submit bid
and details of Earnest Money Deposit (“EMD”) and other relevant details for the purpose of
participating in the e-auction process for sale / transfer of the Immovable Property.

1 Name of the Bidder

2 Constitution (Please tick the Individual/HUF/ Proprietary Concern/Partnership Firm/

one applicable and annex Private Ltd. Co./ Public Ltd Co.
copy of the constitution
documents and certificate of
registration, if any)
3 Address for Communication

4 Mobile Number *
5 E mail id**
6 Name, address and
telephone number of contact
person

7 EMD : Rs. [●]

(In Words) Rupees

Details of EMD Payment

8 RTGS UTR No.__________________________
Dated.____________________
For Rs. _____________________________ from
Bank ___________________________on ____________
In favour of [●] A/C No.____________

Page 3 of 19
X
 Details of bank account of Name and Address of the
9 bidder where EMD to be bank.__________________________________________
refunded in case of ______________________________________________
unsuccessful bidder _____________________________________________

A/C No.
IFSC Code.
10 Proof of Identification***

We are not an ineligible person in terms of provisions of Section 29A of the IBC. We are a ‘fit and
proper’ person and do not suffer from any legal disability under the applicable laws and any
material adverse change affecting ineligibility in terms of provisions of Section 29A of the IBC
shall be intimated immediately to the RP.

X _______________________________ __________________ (Signature of the Bidder(s))

(With Company Seal)

X
__________________________________________________ (Full Name of the Bidder(s))

Place: _______________

Date: ________________

* & **mandatory as user Id, password and other communication required for e-bidding would be
provided through emails/mobile.
***Please refer to the Instructions for Filling Bid Document.

Page 4 of 19
X
 DISCLOSURES, TERMS & CONDITIONS OF AUCTION SALE

Unless the context otherwise requires under the terms and conditions of the auction sale:

“Auction” shall be deemed to mean the e-auction to be conducted on 26th June 2020 for sale /
transfer of the Immovable Property.

“Bid Documents” shall be deemed to mean and include the Sale Notice, this Bid Document,
declarations, Offer Acceptance Letter, undertakings, affidavits and any other documents and writings
as may be required to be submitted by the Bidder(s) to the RP for the purpose of participating in the
Auction.

“Bidder(s)” shall be deemed to mean such persons / entities participating in the Auction who have
been approved by the RP and accordingly have been provided with User ID and Password and shall
include his/her/their/its legal heirs, legal representatives and successors.

“Proposed Purchaser” shall be deemed to mean such Bidder whose bid has been accepted and
who has received the Offer Acceptance Letter from the RP.

“Sale Notice” means the auction sale notice published in the Financial express, Free Press Journal
and Local regional newspaper (Marathi) on 13th June 2020, having circulation in Maharashtra (for
regional) and all over India (for Others), for inviting bids from the public for sale of Immovable
Property.

“Terms and conditions of sale / transfer” shall include without limitation the terms, conditions and
disclaimers stipulated / embodied whether in this Bid Document, declaration, Offer Acceptance
Letter, Sale Notice, 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 Bid Document.

1. The bid document shall be in the form prescribed in the E-auction Bid Document only. The E-
auction Bid Document duly complete in all respects along with other Bid Documents
should be e-mailed to [email protected] and original documents should be
submitted in a SEALED ENVELOPE and superscribed with the words “Bid Document from Mr/
Mrs./ Ms/ M/s. [Name of the Bidder(s)] for purchase of the Immovable Property of Jet Airways
(India) Limited at “Jet Airways Godrej BKC”. The following should also be written on the envelope
i) Address of the Bidder ii) Contact Numbers (land line and mobile) iii) email ID vi) PAN card
number and the envelope should be submitted to Resolution Professional at Global
One, Jet Airways, 3rd Floor, 252 LBS Marg, Kurla West, Mumbai 400070, on any
working day before the date stipulated in the Sale Notice. Please note that Email ID and
Phone number of the prospective bidder are absolutely necessary, as all the relevant
communication including allotment of user Id and password will be conveyed through e-
mail/SMS.

2. The first bids placed by the Bidders during the e-auction must be for a price at or above the
reserve price as indicated in the Sale Notice.

3. The intending bidders have to deposit the Earnest Money Deposit (“EMD”) by way of remittance
of funds through RTGS/NEFT to the credit of Jet Airway’s Current A/c no. 36035234455 with
SBI, Overseas Branch, World Trade Centre, Cuffe parade, Maharashtra, IFSC Code No.
SBIN0004791.

4. Bid Documents which are conditional and/or which are not accompanied by EMD amount or
accompanied by inadequate EMD amount shall be out rightly rejected. Bid documents received
Page 5 of 19
X
 after 24th June 2020 by 6:00 p.m. may not be considered or entertained. Incomplete Bid
Documents shall not be accepted. All bid documents have to be for outright purchase and
acquisition of the entire Immovable Property for upfront monetary consideration only.

5. Bid documents received from person/applicant who are found to be ineligible person in terms of
provisions of Section 29A of the IBC will not be qualified to participate in the e-auction process.

6. The Auctioneer would be assisting the RP in conducting the Auction through an e-bidding
process. Details of E-bidding along with link of platform and user id and password for logging in
shall be communicated to the qualified bidders separately and shall be subject to the terms and
conditions for e-bidding as set out herein.

7. The Bid documents will be evaluated by the RP in accordance with the terms mentioned in the
Bid Documents and accordingly forwarded to the Auctioneer. User Id and password will be
allotted by the Auctioneer to only those bidders who fulfill all the terms and conditions of the
Auction and have deposited the EMD in entirety. The Bidders shall have an opportunity to
participate in the Auction by logging onto the said website and submitting their bids.

8. It is advised that the Bidders should contact (details of contact person will be provided to the
qualified bidder) the Auctioneer sufficiently early & get online e-auction training from them.

9. Bidders should not disclose details of bid / offer amount to anyone to safeguard its secrecy.

10. Bidders have to make their own arrangements for accessing the e-auction site on the date &
time as mentioned above. Neither the RP nor the Auctioneer will be responsible for any lapses
/failure (internet failure, power failure etc.), during the Auction. In order to ward-off such
contingent situations, Bidders are requested to make all the necessary arrangements /
alternatives whatever required so that they are able to circumvent such situation and still be able
to participate in the Auction successfully.

11. The e-bidding would commence and end at the time indicated in the Sale Notice. However, if a
bid is received within five minutes prior to the closing time indicated therein, it would get
extended by five minutes every time a bid is offered. In such a situation, the auction will
extend beyond the scheduled closing time and will come to a close if no bids are received in the
next 5 minutes after the last bid. The Auction would end if there is no bid for a period exceeding
five minutes.

12. The slab in multiples of which the bidders will be allowed to improve/increase/enhance the bid
shall be at the sole discretion of the RP and the slab / minimum bid increment amount is Rs.
25,00,000 as has been fixed by the RP. The RP shall have full liberty to revise the slab so fixed
at any time before close of the auction / bidding process. No bidder shall be entitled to raise any
objection as regards the slab so fixed by the RP.

13. The successful bidder i.e., the Proposed Purchaser will be informed about the acceptance of his
bid in writing/ by email (“Offer Acceptance Letter”) by the RP and the amount payable by him
towards purchase of the Immovable Property (“said Consideration”) on the date of completion
of the e-bidding. The EMD deposited by the Proposed Purchaser with RP shall be adjusted
against the said Consideration. The Proposed Purchaser has to remit the said Consideration
less the EMD (“Balance Consideration”) immediately within 15 days of receipt of the Offer
Acceptance Letter. It is the responsibility of the Proposed Purchaser to deduct tax at source
(TDS) @ of 1% u/s 194 I/A of Income Tax Act, if applicable.

Out of the Balance Consideration, an amount of Rs. 360,00,00,000/- (Rupees Three Hundred
and Sixty Crores) shall be deposited with HDFC Ltd by way of remittance of funds through

Page 6 of 19
X
 RTGS/NEFT to the credit of HDFC Ltd’s Current A/c No. 00600350056405 with HDFC Bank Ltd.,
Fort Branch, IFSC Code No. HDFC0000060. The balance monies (i.e., the said Consideration
less the EMD less Rs. 360,00,00,000/-) shall be deposited with the RP by way of remittance of
funds through RTGS/NEFT to the credit of Jet Airway’s Current A/c no 36035234455 with State
Bank of India, Overseas Branch, World Trade Centre, Cuffe parade, Maharashtra IFSC Code
No. SBIN0004791.

14. If the Balance Consideration is not remitted within stipulated time, the EMD shall stand forfeited.
In such situation, the RP shall be entitled to sell, transfer, deal with or dispose of the Immovable
Property as mentioned in Schedule - I hereunder to anyone, by public / private auction or private
sale or in any other manner whatsoever as it deems fit in its absolute discretion. In that event, all
the claims to the Immovable Property, of the defaulting Proposed Purchaser shall stand forfeited.
Further, all costs, charges and expenses incurred by RP on account of such resale / retransfer
shall be borne and paid by such defaulting Proposed Purchaser who shall also be bound to make
good any deficiency / shortfall arising out of such resale / retransfer. Such defaulting Proposed
Purchaser shall not be entitled to make any claim against RP or the CoC or Jet in the event of
the Immovable Property realising a value higher than the said Consideration on such resale /
retransfer. HDFC Ltd’s security interest on the Immovable Property shall be released and stand
discharged on receipt of the sum of Rs. 360,00,00,000/- (Rupees Three Hundred and Sixty
Crores) from the Proposed Purchaser. HDFC Ltd shall execute a Deed of Reconveyance within
5 (five) days from receipt of the full sales Consideration less the EMD (“Balance Consideration”)
from the Proposed Purchaser.

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

16. The Immovable Property is offered for sale / transfer on “as is where is basis”, “as is what is
basis”, “whatever there is basis” and “without recourse basis” including so far as title and
condition of the Immovable Property are concerned. As such the sale / transfer is without any
kind of representations, warranties & indemnities. Neither the RP nor the CoC shall be liable for
any dues/charges including outstanding water/service charges, transfer fees, electricity dues,
dues or arrears of taxes payable to the Municipal Corporation / MMRDA / local authority /
Development Authority / Gram Panchayat, sundry creditors, vendors, suppliers and / or dues of
any other nature or character, if any, in respect of the Immovable Property, including
maintenance charges. The payment of the same shall be responsibility of the Proposed
Purchaser. Neither the RP nor the CoC undertakes any responsibility to procure any permission
/ consent / approval / license etc. from MMRDA or any other statutory authority for transfer of
the said Immovable Property in question offered for sale or otherwise and the same shall be
responsibility of the Proposed Purchaser. The successful Bidder / Proposed Purchaser will be
bound to obtain the permissions / consent / NOC as may be required for the sale and transfer of
the Immovable Property in its favour and pay the costs and charges to appropriate authorities,
including the transfer fees of MMRDA as may be applicable.

17. The successful bidder will also have a right of first refusal over the unit no. 201 on the 2 nd floor
of the building along with 70 car parking spaces where the Immovable Property is situated, as
and when the same is put up for sale.

18. Wherever applicable, it is the responsibility of Proposed Purchaser of the Immovable Property
to deduct tax at source (TDS) as applicable on the said Consideration on behalf of the
Borrower on the transfer of the Immovable Property and deposit the same with appropriate
authority u/s 194 IA of Income Tax Act.

Page 7 of 19
X
19. The particulars in respect of the Immovable Property specified in the Sale Notice and Bid
Documents, including the area and measurement thereof, have been stated to the best of the
information and knowledge of RP and RP 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 Immovable Property, before submitting the bids.

20. The Bidders are bound by the principle of caveat emptor (Buyer Beware).

21. No failure or delay by RP in exercising any right, power or privilege hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege hereunder and/or under
applicable law.

22. The RP reserves its right to accept or to reject the highest, any or all bids without assigning any
reason whatsoever and in case all the bids are rejected, either to hold negotiations with any of
the Bidders or to sell / transfer the Immovable Property by another public / private auction or by
private treaty to any of the Bidders or any other party / parties. The decision of RP in this regard
shall be final and binding on all concerned.

23. The RP shall not incur any liability in any manner whatsoever for any loss or injury caused to the
Bidder(s)/ Proposed Purchaser(s) resulting directly from the use of the information provided by
the RP including, but not limited to, any consequential, incidental, indirect, special, or punitive
damages.

24. The RP does not warrant the accuracy or completeness of the information contained herein or
as to the existence of other facts which might be significant / material and shall not accept any
responsibility or liability whatsoever for use of or placing reliance upon the publication or any of
the contents hereof. Neither the Sale Notice nor any information made available to the public
whether directly by RP or indirectly through its agents, constitutes etc. should be construed as
any recommendation, expression of opinion or advice.

25. The Bidders are advised in their own interest to satisfy themselves with regard to the title and
correctness of other details pertaining to the Immovable Property including the size/area of the
Immovable Property in question as also ascertain any other dues / liabilities / encumbrances to
which it is subject from the concerned authorities / body / person etc. to his/her/its/their
satisfaction before submitting the bids. No queries in this regard shall be entertained whether
before or after the date of auction. The Immovable Property offered for sale / transfer will be
open for inspection for prospective bidders on 19th June 2020 between 11:00 a.m. to 1:00
p.m. Bidders are requested to prior intimate (at least 24 hrs. before) the Resolution Professional
via email at [email protected] about the visit and to provide the details of the member/s
visiting for inspection. Only Authorized members from Bidders team will be allowed for
inspection, so it is necessary the members visiting for inspection should carry duly valid Identity
card, else inspection of property will not be allowed. Further, member/s visiting for inspection is
expected to make their own arrangements including accommodation and transportation for the
Site Visit.

26. The Bidders shall not raise any grievance / complaint and shall not be permitted to withdraw the
bid/s after his/her/their/its bid is accepted by RP, either on the ground of discrepancy in size/area,
defect in title or on any other ground whatsoever. After the bid is accepted by RP, such
successful Bidder / Proposed Purchaser, shall be deemed to have unconditionally accepted all
the terms and conditions of sale / transfer of the Immovable Property as mentioned in the

Page 8 of 19
X
 Schedule – I hereunder and further shall be deemed to have waived all objections as to the title,
description, measurements etc. in respect of the Immovable Property.

27. Any error, mis-statement or omission shall not be a ground for annulment of the sale / transfer
and shall neither discharge the successful Bidder/ Proposed Purchaser of his/her/ its obligations
nor entitle such successful Bidder / Proposed Purchaser to claim any compensation. The
Proposed 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 Property.

28. The successful Bidder / Proposed Purchaser shall be required to bear / pay all expenses
including but without limitation stamp duty, registration charges, society dues or any dues of like
nature payable to any association formed under any statute , GST, municipal taxes, cess,
transfer fee, premium and /or other expenses / charges incidental thereto in connection with
transfer / sale of the said Immovable Property in his / her / their / its name(s).

29. After acceptance of the bid/offer by RP, the Immovable Property shall remain and be at the sole
risk of the successful Bidder / Proposed Purchaser in all respects including but not limited to loss
or damage caused by fire, theft, force majeure or other risks from the date of acceptance of the
offer by RP till the conclusion of sale / transfer.

30. The movable properties / items / goods etc. lying in the Immovable Property, if any, are not
offered for sale / transfer and the Proposed Purchaser shall, at the request of RP, hold it in trust
and/or as agent of RP upon being called upon to do so and shall strictly act in accordance with
or abide by the instructions / directions of RP with regard to its disposal.

31. The intending bidder(s) may, if they so desire, inspect the relevant documents of title and
papers pertaining to the Immovable Property in question available with RP, these documents
will be uploaded in Virtual Data Room (VDR) and access to the VDR will be provided to the
qualified bidders. In the event the intending bidders fail or choose not to inspect / scrutinize /
verify the right, title, interest of or otherwise the entitlement, authenticity, genuineness or
marketability of title of the borrower(s) / mortgagor(s) / owner(s) or their predecessor(s) in title /
mortgagee (s) to the Immovable Property offered for sale / transfer, it shall be presumed /
deemed that the bidders / Proposed Purchaser 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. The RP will not be bound to answer
any requisitions on title.

32. RP shall be at liberty to amend/modify/delete any of the terms and conditions of the Auction 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 / Proposed Purchaser
and the Bidders/ Proposed Purchaser shall be deemed to have accepted such revised terms
and shall accordingly be bound by them.

33. Where the Immovable Property is subject matter of any suit, application, proceedings or litigation
(lis pendens) before any court, tribunal, forum or any other authority whether filed before or after
the date of opening the bids or before / after acceptance of the bid by RP, the Bidders / Proposed
Purchaser shall not claim any compensation, damages, interest etc. from RP or the CoC or
HDFC Ltd in the event such court, tribunal, forum or any other authority annuls the sale / transfer
or holds / declares the action initiated by the RP under the Insolvency and Bankruptcy Code,
2016 as illegal / irregular or for that matter upsets any prior order / direction passed in favour of
RP at a later date or where title of the Proposed Purchaser is impeached on the ground that no
case has arisen to initiate action and/or authorize sale / transfer or that due notice was not given
or not received / served or that any one or more power(s) was improperly / irregularly exercised

Page 9 of 19
X
 by the RP, the sale / transfer in such an eventuality shall be subject to the outcome of such suit,
application, proceedings or litigation and the Bidders / Proposed Purchaser shall abide by the
order(s) / direction(s) that may be passed therein, without any recourse to the RP or the CoC or
HDFC Ltd.

34. The invalidity or unenforceability for any reason of any one or more term(s) of the terms and
conditions of sale / transfer shall not prejudice or affect the validity or enforceability of its other
terms which shall continue to remain in full force and effect.

35. Where an intending bidder communicates his decision to withdraw his bid in writing to the RP at
any time before the date of Auction, such intending bidder shall be entitled to refund of the EMD.
The EMD will be refunded within 15 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. Unless
a bid is withdrawn, it shall constitute as an irrevocable bid and shall remain open for acceptance
at the sole discretion of the RP on the date fixed for Auction.

36. The RP shall have the right, at its sole discretion, to cancel / postpone / defer / annul the Auction,
whether before or after the scheduled date of auction, without assigning any reasons and without
prior intimation / notice to the Bidders.

37. Subject to the provisions of the Insolvency & Bankruptcy Code, 2016 and notwithstanding
anything contained hereinafter, any claim, dispute or difference arising between the Bidders /
Proposed Purchaser and the RP in connection with the terms and conditions hereof 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 the contesting parties. The Arbitration shall be held in Mumbai.
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.

38. Subject to the provisions of the Insolvency & Bankruptcy Code, 2016 any dispute / difference
arising out of sale / transfer of the Immovable Property offered for sale / transfer or in respect of
any of the terms hereof which cannot be submitted to arbitration under these presents for any
reason are 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 Mumbai shall have
the exclusive jurisdiction to entertain, try and adjudicate such application / dispute to the
exclusion of all other Courts.

39. Bidders / Proposed Purchasers are requested to deal only with Mr. Jatender Pal Singh or any
other person as authorised by him in writing and should not deal with and/or refrain from dealing
with any other individuals / persons claiming to be agents of the RP. The RP shall not be liable
in any manner if loss, damage or harm is caused or occasioned to the Bidders / Proposed
Purchaser for having directly dealt with individuals or persons claiming to be the agents of RP.
Under no circumstances should the Bidders / Proposed Purchasers pay cash or otherwise hand
over cheques / pay orders / demand drafts or prepaid instruments favouring RP or payments in
any other form (including electronic) or mode to any individual or third party.

40. The RP reserves the right to annul the Auction at any time prior to its closure without any liability
or obligation for acceptance / rejection of bids and without assigning any reason whatsoever.

41. If any provision / clause / term / condition of this document or any other document executed by
the bidder(s) in this connection is held or declared to be invalid by a court of competent

Page 10 of 19
X
 jurisdiction, all other provisions / clauses / terms / conditions hereof or such other document shall
remain in full force and effect.

42. The intending bidders are required to notify the RP whether he/she/it is a resident of India or a
Non-Resident of India or a Person of Indian Origin or any subsequent change in such status.
Where the bidder(s) or any of them is/are Non Resident Indian(s) or Person(s) of Indian Origin
as per the provision of the Foreign Exchange Management Act, 2000, or any other law in force
in India, such bidder(s) shall have obtained all permissions, authorizations, approvals, sanctions
and fulfilled all conditions prescribed therein as may be required.

43. Only those Bidders who have been registered with the Auctioneer & approved by the RP and
who have deposited the required EMD amount and other necessary documents with RP along
with this E-auction Bid Document within the specified time will be allowed to participate in the
Auction.

44. Each Bidder represents that it is eligible under all applicable laws to participate in the Auction
and to hold title to the Immovable Property.

45. In the event of acceptance of the winning bid in the Auction, such Bidder shall unconditionally
and irrevocably fulfil the obligations set out in the Bid Documents.

46. The Proposed Purchaser shall not have claim of any nature whatsoever against RP for any
reason whatsoever.

47. Neither the RP nor the Auctioneer will be held responsible for any failure of power, network,
server, hosting server, internet connectivity, ISP or otherwise.

48. All bids placed as per this E-auction Bid Document and through Auction are legally valid bids
and would be considered as the bids from the bidder himself/herself/itself. Once the e-bid is
placed, the bidder cannot reduce or withdraw the bid for whatever reason. If done so, RP will
forfeit the EMD.

I / We have read and understood fully the terms and conditions specified in the Sale Notice
of the Immovable Property as mentioned in the Schedule - I hereunder and the terms and
conditions mentioned above in this E-auction Bid Document and I/we unconditionally submit
to the terms and conditions of sale / transfer, declaration and other documents.

X _______________________________ __________________ (Signature of the Bidder(s))

(With Company Seal)

X __________________________________________________ (Full Name of the Bidder(s))

Place: _______________

Date: ________________

Page 11 of 19
X
 SCHEDULE – I
DESCRIPTION OF THE IMMOVABLE PROPERTIY/SECURED ASSET TO BE SOLD

All that area admeasuring approximately 1,69,983 square feet Saleable area /built up
area comprised of 3rd and 4th floors of the building known as “Jet Airways Godrej BKC”
situated at Plot No. C-68, G-Block, Bandra-Kurla Complex, C.T.S. No. 4207 of Village
Kole Kalyan, Taluka Andheri, Mumbai Suburban District in the State of Maharashtra,
together with the right to use 138 car parking spaces.

Page 12 of 19
X
INSTRUCTIONS FOR FILLING UP THE BID DOCUMENT:

The E-auction Bid Document should be duly filled up and signed and should be accompanied by a

copy of any of the following documents / Proof of Identity etc. of the Bidder(s).

• In case of an Individual, self-attested copies of:

• Passport
• PAN Card
• Driving License
• Voter’s Identity Card
• Photo Ration Card
• Photo Debit / Credit Card issued by a Bank
• Any other identification with Photograph (subject to satisfaction of the RP).

• In case of a Sole Proprietorship Concern, a Bank Confirmation should be furnished to the

effect that the individual signing / executing the E-auction Bid Document is the sole proprietor
thereof and further stating that the Account from which payments are made is maintained /
operated by and in the name of the Sole Proprietorship Concern. The E-auction Bid Document
should be signed / executed by the Sole Proprietor and the seal / stamp of the Sole
Proprietorship Concern should be affixed wherever required. In addition to the above, a PAN
Card or any other document like Sales Tax / VAT / GST etc. registration certificate in the
name of the sole proprietorship concern should also be furnished.

• In case of a Partnership Firm (including a Limited Liability Partnership Firm i.e. LLP), a
certified true copy of the Partnership Deed along with the proof of registration of the firm with
the Registrar of Firms / Registrar of Companies should be submitted. The E-auction Bid
Document should be jointly signed / executed by all the partners of the firm or by such
partner/s holding a valid and express authority from the other partners, duly empowering any
such one or more partner/s to execute, submit bids(s) on behalf of the Partnership Firm and/or
otherwise represent the Partnership Firm subject however to the provisions contained in the
Indian Partnership Act / the Limited Liability Partnership Act, as the case may be. The seal /
stamp of the Partnership Firm should be affixed wherever required.

• In case of a Company, a certified true copy of the Certificate of Incorporation, Memorandum

and Articles of Association along with necessary Resolutions of the Company should be
submitted. The E-auction Bid Document should be signed / executed by the Director/s /
Authorised Signatories empowered to sign and represent the company as per the resolutions
passed from time to time and/or as set out in the Memorandum and Articles of Association of
the Company subject however to the provisions contained in the Companies Act, 1956 / the
Companies Act 2013. The Common Seal / stamp of the Company should be affixed wherever
required. The main objects of the company and/or other objects incidental to the main objects
as enshrined in the Memorandum and Articles of Association of the Company should clearly
include and/or indicate the power/right/authority of the Company to buy, purchase, hold or
acquire immovable properties.

• In case of a Trust, a certified true copy of the Trust Deed clearly setting out the names of the
beneficiaries along with the proof of registration of the Trust, if any, should be submitted. The
Page 13 of 19
X
 E-auction Bid Document should be jointly signed / executed by all the Trustees or by such
Trustee/s holding a valid and express authority from the other Trustees, empowering any
such one or more Trustees/s to execute or submit bids(s) on behalf of the Trust and/or
otherwise to represent the Beneficiaries of the Trust subject however to the provisions
contained in the Indian Trusts Act or any other state or central legislation / enactment dealing
with trusts. The seal / stamp of the Trust should be affixed wherever required. A Bank
Confirmation should be furnished to the effect that the individual(s) signing / executing the Bid
Document(s) is/are the Trustee(s) thereof and further stating that the Account from which
payments are made is maintained / operated by and in the name of the Trustee(s) of the Trust
on behalf of the individuals beneficially entitled to the amounts in the said account and the
amounts form part of the Trust Property. The main objects of the Trust and/or objects
incidental to the main objects as enshrined in the Trust Deed should clearly include and/or
indicate the power/right/authority of the Trustees to buy, purchase, hold or acquire immovable
properties.

• In case of a Hindu Undivided Family (HUF), a certified true copy of the HUF Declaration
clearly setting out the names of all the members / co-parceners along with PAN Card in the
name of the Karta of the HUF should be submitted. The E-auction Bid Document should be
signed / executed by the Karta on behalf of the HUF or any other coparcener empowered to
represent the HUF. The seal / stamp of the HUF should be affixed wherever required. A Bank
Confirmation to the effect that the individual signing / executing the Bid Document, Declaration
etc. is the Karta thereof and further stating that the Account from which payments are made
is maintained / operated by and in the name of the HUF should be furnished. The Bank should
also confirm the names of the members and/or coparceners of the HUF in writing.

Full signature of the bidder(s) along with stamp / seal wherever necessary is also required to be
affixed on each page at the place marked [X] in token of acceptance of the terms and conditions of
the auction sale.

Page 14 of 19
X
 DECLARATION

The Resolution Professional,

Jet Airways (India)Limited,
Global One, Jet Airways,
3rd Floor, 252 LBS Marg,
Kurla West, Mumbai 400070.

Dear Sir,

1. I/We, the bidder(s) aforesaid do hereby state that, I/we have read the terms and conditions for
sale / transfer of the said Immovable Property mentioned in the Sale Notice, Bid Documents, and
understood them fully. I/We, hereby unconditionally agree to comply with and to be bound by the
said terms and conditions of the Bid Documents.

2. I/We further declare that I/we intend to purchase the Immovable Property from Jet Airways India
Limited and that the information furnished by me/us in the Bid Documents is true and correct.
I/We understand / agree that in the event any of the statement/information furnished by me/us is
found to be incorrect and/or untrue and/or I/we default in making payment within the stipulated
period or otherwise fail to comply with the terms and conditions of the Bid Documents, my / our
bid/offer shall be treated as invalid and liable to be rejected and in such an eventuality the Earnest
Money Deposit (EMD) deposited with RP shall stand forfeited and RP shall be at liberty to annul
the sale or transfer / withdraw its acceptance to the offer made to me/us at any point of time.
I/We also agree that after acceptance of my/our bid/offer, for purchase of the Immovable
Property, by RP, if I/we fail to act upon the terms & conditions of the Bid Documents or am / are
not able to complete / conclude / consummate the transaction within the time limit specified in
the Bid Documents for any reason whatsoever and / or fail to fulfill or comply with any / all the
terms & conditions of the Bid Documents, EMD deposited with RP by me / us shall be liable to
be forfeited by RP

Notwithstanding what is stated hereinabove and in the event RP decides not to cancel / annul
the offer, I / we hereby declare and confirm that RP shall have the right to proceed against me /
us for specific performance of the contract, without prejudice to its other rights and remedies.

3. I/ We hereby declare and confirm that the Immovable Property is offered for sale / transfer on
“as is where is basis”, “as is what is basis”, “whatever there is basis” and “without recourse
basis” including so far as title and condition of the Immovable Property are concerned. As such
the sale / transfer is without any kind of representations, warranties & indemnities. I/ We hereby
declare and confirm that I/we have independently ascertained the title to the Immovable Property
and RP’s authority to sell the same and I/we shall not hold RP responsible for any loss or damage
suffered by me/us for the reasons aforesaid or otherwise.

4. I / We hereby declare that the amount tendered / paid by me/us towards the EMD and/or the
amounts that will be tendered / paid by me/us or caused to be tendered / paid on my/our behalf
in future towards the said Consideration (being the sale price of the Immovable Property) in the
event my/our offer is accepted by RP), is / shall be generated through legitimate sources and
does not / shall not include directly or indirectly any proceeds derived/arising out of any

Page 15 of 19
X
 scheduled offence committed/abetted by me/us and/or is not designed/intended for the purpose
of contravention or evasion under the Prevention of Money Laundering Act, 2002, the Rules
framed thereunder and guidelines issued by the National Housing Bank (NHB) on Anti Money
Laundering, or under any other law for the time being in force.

5. I/We hereby covenant, agree and undertake to indemnify and keep indemnified, save harmless
the RP, the CoC and HDFC Ltd against any loss that may be caused or occasioned on account
of breach of the terms and conditions of sale / transfer whether by me/us including but not limited
to the Bid Documents, Sale Notice etc. or in the event any of my/our representations, statements,
disclosures etc. whether under the Know Your Customer (KYC) Guidelines and/or the Prevention
of Money Laundering Act, 2002, or otherwise turns out to be false or incorrect for any reason
whatsoever or for that matter any material information is suppressed and also against all costs,
losses, charges, expenses, damages or payments whatsoever that RP, the CoC and /or HDFC
Ltd may be liable to pay, suffer or incur consequent upon any act, deed, matter or thing done or
executed or omitted by me/us or my/our agent/s, substitute/s.

6. I / We am / are aware that in the event the RP perceives, construes or has reason to believe that
any one or more transactions / payments made by me/us as dubious, suspicious or undesirable
(which reasoning shall be final and binding upon the Bidders / Proposed Purchaser and shall not
be open to challenge), RP reserves the right to unilaterally withdraw, cancel and/or annul the
transaction / sale without assigning any reasons and inform / intimate such law enforcement
agencies as it may be deemed fit and proper for investigation.

7. I / We am / are aware that if, for any reason the amounts tendered by me / us towards the said
Consideration is attached and/or seized or rendered liable for attachment and/or seizure or any
reason whatsoever in the hands of RP, the sale shall without any further act, deed or thing stand
and/or be deemed to have been cancelled / annulled notwithstanding execution and/or
registration of the Deed of Conveyance in my / our favour and I/we hereby agree and undertake
to handover or cause to be handed over to RP, all the documents of title and other papers, sale
certificate, possession receipts, letters etc. in my/our possession/custody/control immediately,
without any demur or protest and render full co-operation to RP in every manner possible.

8. I/We hereby confirm that the entire / part of the said Consideration / sale price tendered rightfully
belongs to me/us and the same has been paid from my/our account maintained with banks
whether singly or jointly with others. I /We hereby confirm that the joint account holders have no
objection to my/our making payment towards the said Consideration or any part thereof to RP
for purchasing / acquiring the Immovable Property.

9. I/We are not disqualified in any manner and have full authority under all applicable laws to submit
bids / offers and enter into binding obligations and execute agreements and I/we is/are not under
any disability, restriction or prohibition that shall prevent me/us from performing or observing any
of my/our obligations under the Auction and the Bid Documents.

10. I /We am /are satisfied with the procedure followed and compliances done by the RP and I/We
have independently ascertained that no irregularity exists or has been committed by RP while
exercising powers thereunder. If sale / transfer is vitiated on account of any one or more
irregularities in the procedure, I shall not hold RP responsible in any manner for having exercised
powers. I/We hereby unconditionally agree and undertake to abide by and / or comply with
order(s) / direction(s), if any, passed or that may eventually / ultimately be passed in any suit,
application, proceeding, litigation by a court, tribunal, forum or any other authority touching or
concerning the Immovable Property.

11. I/We am/are aware of the inherent risks of purchasing the Immovable Property at an auction
sale. I/We also confirm having perused / scrutinised / inspected or caused to have perused /

Page 16 of 19
X
 scrutinized / inspected all the documents of title pertaining to the Immovable Property available
with RP before submitting the Bid Document. I/We also confirm having physically inspected the
Immovable Property and made necessary enquiries with the society / condominium / association
/ company / builder / local authority / gram panchayat / statutory corporation / registration office
etc. I/We also confirm having apprised myself / ourselves as regards the nature of
proceedings/suit pending before the court/tribunal/authority wherever applicable, prior to
submitting the Bid Document.

12. I/ We hereby unconditionally declare and confirm that where the Immovable Property is subject
matter of any suit, application, proceedings or litigation (lis pendens) before any court, tribunal,
forum or any other authority whether filed before or after the date of opening the bids or before /
after acceptance of the bid by RP, the CoC and/or HDFC Ltd, I/ we shall not claim any
compensation, damages, interest etc. from RP in the event such court, tribunal, forum or any
other authority annuls the sale / transfer or holds / declares the action initiated by the RP under
the Insolvency and Bankruptcy Code, 2016 as illegal / irregular or for that matter upsets any prior
order / direction passed in favour of RP at a later date or my/our title is impeached on the ground
that no case has arisen to initiate action and/or authorize sale / transfer or that due notice was
not given or not received / served or that any one or more power(s) was improperly / irregularly
exercised by the RP, the sale / transfer in such an eventuality shall be subject to the outcome of
such suit, application, proceedings or litigation and I/ we shall abide by the order(s) / direction(s)
that may be passed therein, without any recourse to the RP, the CoC and/or HDFC Ltd.

13. I / We unconditionally and irrevocably declare and confirm that I / we shall take possession of
the Immovable Property at the price quoted by me / us at the Auction and on the terms and
conditions specified herein by RP. All prices quoted shall be legally binding on me / us. Failure
to honour the bids placed during bidding shall render me / us liable for penal action as deemed
fit by RP including forfeiture of the EMD.

14. Notwithstanding the above and despite having been informed about the potential risks of
purchasing an immovable property / secured asset in an auction sale by the RP, I shall not hold
RP responsible for consequences arising out of any non-disclosure / erroneous disclosures or
omissions of facts by RP or his representatives and I exonerate the RP from all such non-
disclosures / omissions.

15. I/We hereby confirm and agree to be bound by the terms and conditions of the Bid Documents
including but not limited to the Sale Notice.

16. I/We hereby undertake that in the event my/our bid is accepted, I/we shall make all necessary
applications for receipt of permission / approval / NOC from the appropriate authority for such
sale / transfer and RP shall not be responsible for the same in any manner whatsoever.

17. I/ we hereby understand, agree, confirm and declare that in the event my/our bid is not accepted
by RP or withdrawn by us, I/ we shall not be entitled to any interest on return of the EMD
deposited by us with RP.

18. I/ we hereby declare and confirm that RP/ shall have the right, at its sole discretion, to cancel /
postpone / defer / annul the Auction, whether before or after the scheduled date of auction,
without assigning any reasons and without prior intimation / notice to the Bidders.

19. I/We hereby understand and agree that the responsibility of preserving and maintaining the
confidentiality and secrecy and security of my/our Login ID and transaction password (as also
that of “secret question”/ “secret answer” combination) provided by the Auctioneer solely rests
upon me/us and I/we shall be solely responsible for any breach/loss in this respect. I/we also

Page 17 of 19
X
 understand and agree that without authorized written instructions from me/us, new password
shall not be re-issued by the Auctioneer.

20. I/We undertake that the RP / Auctioneer shall not be liable/responsible for any interruption in e-
bidding service caused by any means. The RP / Auctioneer makes no warranty with respect to
any software, product, configuration or system tested, analyzed or reviewed by them and does
not warrant that they are without defect or error, except as expressly set forth herein.

21. I/We confirm that the information furnished by me/us to herein is all true and correct and no
material facts have been concealed by me/us. I am competent and authorized to enter into
agreements on behalf of my Company / firm / HUF.

22. I/We are not an ineligible person in terms of provisions of Section 29A of the IBC. We are a
‘fit and proper’ person and do not suffer from any legal disability under the applicable laws
and any material adverse change affecting ineligibility in terms of provisions of Section 29A
of the IBC shall be intimated immediately to the RP.

Capitalised terms used herein but not defined shall have the same meaning as ascribed to these
terms under the Bid Document and the E-Auction Bid Document.

Yours faithfully,
Date: _______________

Place: ________________

FULL NAME & SIGNATURE OF THE

BIDDER(S) (With Company Seal)

Address - Office : ______________________________________________

______________________________________________
______________________________________________
______________________________________________

Residence : ______________________________________________
______________________________________________
______________________________________________
______________________________________________

Tel.No. Office : __________________ Residence: __________________

Mobile No. : __________________ Fax No.: ________________

e-mail address : ______________________________________________

Page 18 of 19
X
 DECLARATION

DATE: _______________

To
The Resolution Professional,
Jet Airways (India)Limited,
Global One, Jet Airways,
3rd Floor, 252 LBS Marg,
Kurla West, Mumbai 400070.

Dear Sirs,

Re: Permission to make e-bidding

1. I/We request the RP / Auctioneer to allot User-id and password to me/us and activate the
same to enable me/us to participate in the above mentioned auction.

2. I/We agree that I/we shall change the password on receipt by me/us and keep it confidential.
I/We agree that the RP / Auctioneer shall not be held responsible in any way for any losses
that may be suffered by me /us as a result of disclosure of the password to any other person
by me.

3. I/We understand my/our inability to participate in e-bidding event due to disruption of my /our
internet services, or due to bandwidth problems with my/our local internet connections are
beyond the control of the RP / Auctioneer.

4. I/We confirm that I/we will take adequate training by the Auctioneer in order to participate in
the said Auction. I/We agree to update myself/ourselves regarding any changes made to the
catalogue from the website of the Auctioneer and bid accordingly.

Thank you,

Yours faithfully

Signature of Bidder

(Name of the person signing)

(With Company Seal, if applicable)

Place:

Page 19 of 19
X