Global IME Bank Limited has invited sealed bids for the auction of movable and immovable properties pledged as collateral by borrowers who have failed to repay their outstanding loans.
According to a public notice published in the Nagarik national daily on Kartik 19, 2083, the bank has initiated the 15-day auction process to recover outstanding principal, interest, penalty interest, and other applicable charges.
The bank stated that the borrowers failed to settle their loan obligations despite repeated written and verbal reminders, as well as a previously published 35-day public notice demanding repayment.
Consequently, the bank has decided to auction the movable and immovable properties mortgaged or placed under restriction as loan security, in their existing condition, through a confidential sealed-bid process. The action is being taken under the authority granted by the Bank and Financial Institutions Act, 2073, and other prevailing laws.
The bank has also warned that if the auction proceeds are insufficient to recover the entire outstanding amount, or if the properties cannot be auctioned and are taken over by the bank, further recovery proceedings may be initiated against the borrowers and guarantors through their other personal and family assets, in accordance with applicable laws.
Furthermore, the bank has stated that the borrowers and other parties associated with the loans may be blacklisted in accordance with prevailing laws and directives, circulars, and notices issued by Nepal Rastra Bank.
However, the auction process may be suspended if the borrowers, collateral guarantors, or personal and institutional guarantors settle the entire outstanding loan amount before the scheduled auction date.
Interested individuals and entities wishing to purchase the mortgaged properties have been invited to submit confidential sealed bids in accordance with the terms and conditions specified in the official auction notice.
Published by Global IME Bank on 2083-7-19
