Himalayan Bank Invites Sealed Bids for Auction of Mortgaged Vehicles

Kathmandu: Himalayan Bank Limited has issued a 15-day sealed bid notice for the auction sale of vehicles pledged as collateral against a loan facility granted to JP Motocorp Pvt. Ltd., a company registered in the Office of the Company Registrar under the Ministry of Industry, Commerce and Supplies.

According to the bank, despite repeated written and verbal notices, as well as a 35-day public notice published in national newspapers, the borrower failed to repay the outstanding principal and interest. Consequently, the bank filed a recovery case before the Debt Recovery Tribunal, where the matter is currently under consideration.

Following an order issued by the Debt Recovery Tribunal on Baisakh 11, 2083, the bank has moved forward with the auction process and invited interested buyers to submit sealed bids within 15 days from the date of publication of the notice.

The vehicles being auctioned are three Eco Cargo Vans registered in the names of Himalayan Bank Limited and JP Motocorp Pvt. Ltd. The vehicles are located in their existing condition and will be sold on an “as-is, where-is” basis.

The borrower company is associated with directors and personal guarantors Pratik Shrestha, James Mahato, and Mannu Mahato.

Interested bidders can purchase tender documents from the bank’s designated branch offices by paying a non-refundable fee of NPR 1,000. Bidders must also deposit 10 percent of their quoted bid amount and submit proof of payment along with the sealed tender.

Himalayan Bank stated that the auction process will continue even if the borrower or bidders are absent during the bid-opening session. The bank further noted that if the proceeds from the auction are insufficient to recover the outstanding loan amount, legal action may be initiated against the borrower and personal guarantors for the remaining balance.

The sealed bids will be opened at the bank’s central office in Kamaladi, Kathmandu, in accordance with the schedule specified in the notice.