Kathmandu: Kumari Bank Limited has published a seven-day confidential sealed-bid re-auction notice for the sale of movable and immovable properties mortgaged by borrowers who have failed to settle their outstanding loan obligations.
The bank has initiated the re-auction process after the concerned borrowers failed to clear their outstanding principal, interest, penal charges, and administrative expenses despite repeated written and verbal notices.
The bank had previously attempted to recover the outstanding dues through a public repayment notice and an initial auction process. However, the earlier auction attempts did not result in a successful sale, prompting the bank to announce a fresh sealed-bid re-auction.
Auction Scheduled for Ashoj 27
Kumari Bank published the notice on Ashoj 20, 2083. According to the notice, the re-auction is scheduled for Tuesday, Ashoj 27, 2083, which falls on the eighth day from the date of publication.
Interested individuals, corporate entities, and legally eligible firms can participate in the auction by submitting confidential sealed bids in accordance with the bank’s prescribed terms, conditions, rules, and procedures.
Where to Submit Bids?
Interested bidders can submit their confidential sealed bids at the concerned branch offices of Kumari Bank Limited or at the bank’s Loan Recovery Department located in Bagbazar, Kathmandu.
Bidders are required to follow the bank’s prescribed procedures and fulfill all applicable requirements while submitting their bids.
Re-Auction After Previous Recovery Attempts
According to the bank, the concerned borrowers failed to fulfill their financial obligations despite receiving repeated written and verbal demands for payment.
The bank had earlier issued a 35-day public notice asking the borrowers to settle their outstanding liabilities. As the dues remained unpaid, the bank proceeded with an initial auction of the mortgaged properties.
However, the previous auction attempts did not result in a successful sale. The bank has therefore initiated another auction process through confidential sealed bids to recover its outstanding dues.
Properties to Be Sold on As-Is-Where-Is Basis
The bank has stated that the movable and immovable properties pledged as collateral, along with their associated rights and assets, will be sold on an “as-is-where-is” basis through confidential sealed bids.
The proceeds generated from the sale will be used toward recovery of the bank’s outstanding financial claims against the concerned borrowers.
Kumari Bank has invited interested individuals, corporate entities, and legally eligible firms to participate in the re-auction by submitting their bids at the designated locations within the prescribed procedure and timeline.
