The depositors of Oriental Cooperative have demanded auction of the properties of the cooperative at prevailing market price, alleging that NIC Asia Bank was trying to auction the properties in an “unjust” manner.
The depositors of the cooperative in crisis claim that the bank is trying to auction the properties of Oriental Builders, a subsidiary of the cooperatives, so as just to recover its loan.
Sudhir Basnet is the main promoter of Oriental Builders.
The company had taken a loan of Rs 20 crore, mortgaging a plot of 26 ropanis of its land at Dhapasi height.
After the company defaulted, the loan amount has surged to more than Rs 24 crore, after calculating the interest and fine.
This has compelled NIC Asia Bank to auction the company’s property.
They also claim that the market price of the land with two residential buildings with compound walls to be auctioned comes to the tune of Rs 60 crore.
Though Nepal Rastra Bank had stopped the auction process in the past after Basnet pledged to pay off the loan, the central bank recently decided to let the bank auction the property after Basnet was jailed for fraud.
NIC Asia Bank had issued the auction notice on Asoj 18, appealing bidders to file their bids by October 28 i.e. today.
The depositors of the cooperative in crisis claim that the bank is trying to auction the properties of Oriental Builders, a subsidiary of the cooperatives, so as just to recover its loan.
Sudhir Basnet is the main promoter of Oriental Builders.
The company had taken a loan of Rs 20 crore, mortgaging a plot of 26 ropanis of its land at Dhapasi height.
After the company defaulted, the loan amount has surged to more than Rs 24 crore, after calculating the interest and fine.
This has compelled NIC Asia Bank to auction the company’s property.
On the other hand, the depositors maintain that since the property owned by Oriental
Builders was earned through the money they had deposited, if the bank auction the property at prevailing market price then the victimized depositors will get some return.
Builders was earned through the money they had deposited, if the bank auction the property at prevailing market price then the victimized depositors will get some return.
They also claim that the market price of the land with two residential buildings with compound walls to be auctioned comes to the tune of Rs 60 crore.
Though Nepal Rastra Bank had stopped the auction process in the past after Basnet pledged to pay off the loan, the central bank recently decided to let the bank auction the property after Basnet was jailed for fraud.
NIC Asia Bank had issued the auction notice on Asoj 18, appealing bidders to file their bids by October 28 i.e. today.
-sharesansar
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