Jyoti Bikas Bank has invited sealed bids for the auction of movable and immovable assets pledged as collateral against loans, issuing a seven-day public notice published in the Karobar national daily on October 13, 2026.
According to the notice, the bank initiated the auction process after borrowers failed to repay principal, interest, additional interest and other outstanding dues in accordance with their loan agreements. The bank stated that it had repeatedly requested repayment through verbal and written communications, as well as public notices, but the borrowers had failed to settle their outstanding liabilities.
As a result, the bank has decided to recover its dues by auctioning the mortgaged assets through a confidential sealed-bid process in accordance with the Bank and Financial Institutions Act, 2017, and the bank's applicable rules.
Interested individuals, organizations and institutions can obtain bid forms from the bank's respective branch offices, complete them as required and submit their bids within seven days from the date of publication of the notice. Detailed terms and conditions of the auction are provided in the bid forms.
If the final date for bid submission or the scheduled bid-opening date falls on a public holiday, the relevant process will take place on the next day the bank reopens.
The bank has also urged borrowers and other concerned parties to settle their outstanding loans within the specified period to prevent the collateral from being auctioned.
The notice further states that the collateral will be sold in its existing condition, regardless of its location or state. If the auction proceeds are insufficient to recover the bank's total outstanding dues, the bank may pursue legal recovery of the remaining amount through the Debt Recovery Tribunal, in accordance with the prevailing laws, including the Bank and Financial Institutions Act, 2017, and the Debt Recovery Act, 2002.
The bank has warned that any remaining debt may be recovered from other movable and immovable assets belonging to the borrowers and related parties, as permitted by law. It has also stated that borrowers and concerned parties will not be entitled to raise objections solely on the grounds that the collateral was auctioned at a price below its previous valuation or was acquired by the bank itself at a lower value.
The notice serves as a final request to borrowers, collateral owners and other concerned parties to clear their outstanding liabilities and reclaim their pledged assets before the auction process proceeds.
Published by Jyoti Bikas Bank on 2083-6-28
