ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
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AUCTION NOTICE

Your Partner for Growth and Security

In continuation to our earlier advertisement in the Kuensel dated 23/03/2016, we once again would like to advertise that the following properties will be sold in an open auction on 9th April 2016 at 10:00 AM in the conference Hall, RICB, Head Office, Thimphu on “AS IS WHERE IS BASIS”. The interested bidders are requested to physically inspect the properties before the auction

Sl. NoDescription of propertyDescription of propertyContact details
12.5 acres land, P/No.84, T/No. 42Kilkhorthang, Tsirang.17114385/77609824
261 Decimals dry land, T/No.101.Kilkhorthang, Tsirang.17361297/17117073
3Flat No.5, on the 2nd floor,
P/No.188, T/No. 920.		Batomathi, Phuentsholing.16924943
4Tata Indica V2 (2009 model),BP-1-B5404Phuentsholing Regional Office.16924943
55,663 sq.ft land under T/No.1867,
P/No.GT-2432		Gelephu Thromde, Sarpang.17441826/17977203
620 decimal land under T/No.2555,(old)  P/No.168,(old)  T/No.851, (new)  P/No.GT-1-1657(new).Pemathang, Gelephu, Sarpang.77211361
7Eicher Terra 16 (2007 model), BP-2-A3299Olakha, Thimphu17912691
8Eicher Terra 16 (2010 model), BP-1-A2603Phuentsholing, Rabten Workshop.77604263
913 decimal dry Land, under T/No.PT-634,  P/No.115/A (individual Ownership)Nala Pani, Phuentsholing.17620450
1023 decimal land and building under T/No. 521, P/No.1016 (individual Ownership)RICB, Branch Office, Trashiyangtse.17573299
11Tata SFC407,BP-3-A0334Olakha, Thimphu.17620450
12Tucson (2004 model)Head Office, Thimphu.17620450

Please kindly note that the properties under Sl. No 10, 14 and 15 in the Kuensel advertisement dated 23rd March, 2016 have been withdrawn from the auction.

All interested bidders shall register themselves at 9:00 AM on the day of auction upon payment of non-refundable entry fee of Nu.300.Term and conditions:

  1. The individual bidders will have to deposit an earnest money of Nu.25,000/- (Ngultrum Twenty Five Thousand only) in the form of cash/cheque at cash counter, RICB, HO, Thimphu, during the time of registration.
  2. The registered bidders will be provided a token during the time of registration. The bidders must produce the token during the time of auction.
  3. The successful bidder shall deposit 25% of the bid value on the day of the auction in the form of cash/cheque and the balance of 75% within 10 days from the date of auction.
  4. The unsuccessful bidder’s earnest money will be refunded immediately after the auction.
  5. In the event the successful bidder fails to deposit 25% of the bid value, then the 2nd highest bidder shall be considered as the successful bidder and the earnest money of the 1st successful bidder shall be forfeited and so on and so forth.
  6. In case the successful bidder fails to deposit 75% as stipulated, the 25% bid value adjusted earlier with earnest money deposit shall be forfeited.
  7. The successful bidder will not be entitled to possession of the property(ies) until the total purchase price have been fully paid and adjusted.
  8. The Auction Committee shall presume that the bidders have duly inspected the properties prior to the auction and shall not entertain any complaints thereafter.
  9. The successful bidders shall bear all the fees/charges/taxes applicable while transferring the ownership of the property(ies).
  10. The Auction Committee reserves the right to reject bids without assigning any reason thereof.
  11. The RICB reserves the right to withdraw the property from the list of auction before it is actually auctioned.
  12. For more information, kindly contact Legal Division, RICB, Thimphu, at 17912691 /17998040/ 17772186 or Credit and Investment Department, RICB, Thimphu at 17620450 or visit our website www.ricb.com.bt