Nabil Bank Limited, Narayangadh Branch, Chitwan, 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 on Kartik 19, 2083, the bank has initiated a 15-day sealed-bid auction process to recover outstanding loan principal, installments, interest, and other dues.
The bank stated that the concerned borrowers and collateral guarantors failed to meet their repayment obligations despite repeated written and verbal reminders. A 35-day public notice demanding loan repayment had also been published in the Abhiyan Daily on Jestha 14, 2082. However, the borrowers and guarantors did not settle their outstanding liabilities.
Consequently, the bank has decided to auction the movable and immovable properties pledged as collateral, in their existing condition and quantity, in accordance with the Bank and Financial Institutions Act, 2073, prevailing laws, and the bank's regulations.
Interested individuals, firms, companies, and other organizations can submit confidential sealed-bid applications within 15 days from the publication of the notice. The completed bid applications must reach either the bank's Central Office, Loan Recovery Department, Bijulibazar, Kathmandu, or its Narayangadh Branch, Chitwan, within office hours and in accordance with the prescribed terms and conditions.
The bank has also clarified that the auction process can be suspended if the concerned borrowers or guarantors appear before the bank and settle all outstanding dues before the auction date.
Furthermore, if the properties cannot be sold through the auction or no bidder comes forward to purchase them, the bank reserves the right to take over the collateral properties in accordance with the Bank and Financial Institutions Act, 2073.
The bank has warned that if the auction proceeds are insufficient to recover the entire outstanding loan amount, the remaining dues may also be recovered from the borrowers' and guarantors' other movable and immovable assets, as permitted under applicable laws.
Published by Nabil Bank on 2083-7-19
