Machhapuchchhre Bank Issues 7-Day Notice for Auction of Mortgaged Vehicle

Machhapuchchhre Bank Limited has published a 7-day sealed bid auction notice for the sale of a mortgaged vehicle after the borrower failed to repay the outstanding loan despite repeated notices.

According to the bank, the borrower violated the terms and conditions of the loan agreement by failing to repay the principal, interest, and other dues on time. The bank also stated that a 35-day public notice had previously been published on June 9, 2023 (Jestha 26, 2080 BS) in a national daily newspaper, but the borrower did not settle the outstanding liabilities.

Exercising its legal rights under Nepal's banking laws, Machhapuchchhre Bank's Rambazar, Amarsingh Chowk Branch will auction the mortgaged vehicle through a confidential sealed bidding process in its current condition.

Interested individuals and organizations are invited to purchase the bid document by paying a non-refundable fee of NPR 1,000 and submit their sealed bids within seven days of the publication date, along with a 10% bid security deposit based on the offered amount.

The bids will be opened on the eighth day at the bank's branch office in the presence of interested bidders or their authorized representatives. However, the auction process will proceed even if the borrower or bidders are absent.

The bank has reserved the right to accept, reject, cancel, or negotiate any bid without assigning any reason, or even purchase the collateral itself, in accordance with its internal policies.

Machhapuchchhre Bank further warned that the borrower, proprietor, directors, guarantors, and other related parties may be blacklisted as part of the loan recovery process. If the auction proceeds are insufficient to recover the bank's outstanding dues, the remaining amount will be recovered through legal action as permitted by applicable laws.

The bank has urged the borrower to contact the branch immediately and repay the outstanding loan within the notice period to protect the mortgaged property from being auctioned.