Himalayan Bank to Auction Vehicles Used as Loan Collateral

Kathmandu: Himalayan Bank Limited has announced a 15-day auction notice for vehicles held as collateral against loans that borrowers have failed to repay.

The bank said it had repeatedly requested the concerned borrowers and guarantors to clear outstanding principal and interest through verbal and written notices, including a 35-day public notice. As the dues remained unpaid, the bank initiated recovery proceedings before the Debt Recovery Tribunal.

Following orders dated Bhadra 11 and Bhadra 5, 2083, the bank has received approval to sell the vehicles that have come into its possession.

Interested buyers can submit sealed bids within 15 days from the publication of the notice. The vehicles will be auctioned on an “as is, where is” basis. The auction process may proceed even if the concerned borrowers or bidders are absent on the bid-opening date.