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[Cites 0, Cited by 0] [Section 9(4)] [Section 9] [Entire Act]

State of Jharkhand - Subsection

Section 9(4)(a) in Jharkhand Minor Mineral (Auction) Rules, 2017

(a)First Round of Auction to be held in the following manner, namely:-
(i)the bidders shall submit-
(A)a technical bid comprising amongst others, documentary evidence to confirm eligibility as per the provisions of the Act and the rules made thereunder to participate in the auction, bid security and such other documents and payments as may be specified in the tender document; and
(B)an initial price offer which shall be a percentage of value of mineral despatched;
(ii)only those bidders who are found to be eligible in accordance with the terms and conditions of eligibility specified in rule 6 and whose initial price offer is equal to or greater than the reserve price, referred to as "technically qualified bidders", shall be considered for the second round of electronic auction;
(iii)The Highest initial price offer amongst the technically qualified bidders shall be the floor price of the second round of online electronic auction.
(iv)the technically qualified bidders shall be ranked on the basis of the descending initial price offer submitted by them and the technically qualified bidders holding the first fifty percent of the ranks (with any fraction rounded off to higher integer) or the top five technically qualified bidders, whichever is higher, shall qualify as qualified bidders for participating in the second round of electronic auction: