Kathmandu, August 24, 2026: Nabil Bank Limited has invited sealed bids for the auction of a vehicle pledged as collateral by a borrower who has failed to repay outstanding loan principal and interest despite repeated notices and reminders.
According to a notice published on Bhadra 8, 2083, the bank said the concerned borrower and guarantors failed to fulfill their repayment obligations under the loan agreement and approval terms despite repeated oral and written reminders. The bank had also published a 35-day public notice in the Naya Patrika national daily on Ashwin 25, 2079, calling on the borrower and guarantors to settle the outstanding loan, but the dues remained unpaid.
The bank said the vehicle pledged as collateral is currently not under its physical control. It will therefore be auctioned through a sealed-bid process on an “as is, where is” basis, in accordance with prevailing laws, the Banks and Financial Institutions Act, 2073, and the bank’s regulations, with the proceeds intended to recover the bank’s outstanding dues.
Interested individuals, firms, companies and other organized institutions can obtain and submit sealed bids within seven days from the date of publication of the notice. If the deadline falls on a public holiday, bids may be submitted on the next working day during office hours. Completed bid applications must be submitted to the bank’s Loan Recovery Department at Bijuli Bazar, Kathmandu, in accordance with the terms specified in the bid form.
The bank has also informed the concerned borrower, guarantors and related parties that the auction process can be stopped if they appear at the bank before the auction date and fully settle the outstanding dues and clear the loan.
If the vehicle is not sold through the auction or no bidder accepts the property, the bank may take over the collateral itself as a non-banking asset in accordance with the Banks and Financial Institutions Act, 2073.
Furthermore, if the auction proceeds are insufficient to recover the bank’s entire outstanding amount, Nabil Bank said it may initiate recovery proceedings against the borrower and guarantors and recover the remaining dues from their other movable and immovable assets in accordance with the Bank and Financial Institutions Act, 2073, the Debt Recovery Act, 2058, its regulations, and other prevailing laws.
Published by Nabil Bank on 2083-5-8
