Shangrila Development Bank Calls for Sealed Bids to Auction Collateral of Loan Defaulters

Shangrila Development Bank has announced a 15-day notice to auction movable and immovable assets pledged as collateral by borrowers who have failed to repay their loans.

According to the notice published on September 24, 2026, the bank said the concerned borrowers had failed to clear outstanding principal, interest, penalties and other charges despite repeated written and verbal reminders.

The bank has invited sealed bids for the sale of the pledged assets on an “as is, where is” basis, in accordance with prevailing laws and regulations governing banks and financial institutions.

Interested bidders must submit their sealed bids within office hours by October 9, 2026 (Ashoj 23, 2083) at the concerned branch office.

The bids will be opened at 11:00 a.m. on the following working day after the submission deadline. Bidders or their authorized representatives may attend the opening, although their absence will not prevent the bids from being opened.

The bank has also warned that if the outstanding loan is not settled within the specified period, the concerned borrower may be placed on the Credit Information Centre's blacklist in accordance with Nepal Rastra Bank directives.

If the pledged assets cannot be sold through the auction, the bank may adopt other legally permitted methods to dispose of the assets or acquire them itself. If the proceeds from the collateral are insufficient to recover the bank's outstanding dues, the bank may seek recovery from other movable or immovable assets of the borrower as permitted by law.