Himalayan Bank Announces 7-Day Sealed Bid Auction of Mortgaged Properties

Kathmandu: Himalayan Bank Limited has announced a seven-day sealed bid auction for the sale of movable and immovable properties pledged as collateral against loans.

The bank said the concerned borrowers failed to repay outstanding principal, interest, penal interest and other applicable charges despite repeated verbal and written notices. The bank had also previously published 35-day public notices in national daily newspapers, calling on the borrowers to settle their outstanding loans.

According to the latest notice, the mortgaged movable and immovable assets will be sold through a confidential sealed bid process on an “as is, where is” basis, in accordance with the bank’s rules.

Interested individuals, firms, companies and institutions can obtain the prescribed bid form from the bank and submit their sealed bids within seven days from the date of publication of the notice, at the designated location mentioned by the bank. Bidders must comply with all terms and conditions specified in the bid documents.

The bank has also informed the concerned borrowers, proprietors, directors, personal guarantors, institutional guarantors and other related parties that the collateral properties will be subject to auction if the outstanding loans are not settled within the notice period.

The bank said the sealed bids may be opened and the auction process may proceed even if the concerned borrowers or bidders are not present on the scheduled bid-opening date.

If the collateral properties cannot be sold through the auction, whether or not bids are received, the bank may acquire the properties as non-banking assets (NBA) in accordance with prevailing laws.

The bank further stated that if the outstanding amount remains unpaid after the auction or acquisition of the collateral as non-banking assets, it will initiate recovery proceedings for the remaining amount under the Bank and Financial Institution Act, 2073, the Debt Recovery Act, 2058, and other prevailing laws of Nepal.