Kathmandu: A bank has issued a 15-day public notice inviting sealed bids for the auction sale of mortgaged movable and immovable properties pledged by borrowers who have defaulted on their loan repayments.
According to the notice, the borrowers failed to repay their outstanding principal and interest amounts despite repeated verbal and written reminders from the bank. The bank also published a 35-day public notice urging the borrowers to clear their dues, but the loans remain unpaid.
As a result, the bank has initiated the auction process to recover the outstanding loan amounts by selling the collateral pledged against the loans. Interested individuals, firms, companies, and institutions may submit sealed bids to purchase the properties in their existing condition, subject to the terms and conditions mentioned in the bid documents and applicable laws.
The bank has requested interested buyers to submit their bid applications to its Central Office, Credit Recovery Department, Radha Bhawan, Tripureshwor, Kathmandu, within 15 days of the publication of the notice.
The notice further states that if the auctioned properties fail to recover the full outstanding loan amount, or if the auction cannot be completed, the bank will recover the remaining dues from the borrowers and guarantors through other movable and immovable assets as permitted under the Bank and Financial Institutions Act, 2073, the Debt Recovery Act, 2058, and prevailing laws.
The bank has urged all concerned borrowers, guarantors, and prospective buyers to take note of the auction notice and comply with the relevant procedures.
Published by NIC Asia Bank on 2083-2-19
