Kathmandu. Nabil Bank has received more than Rs 1 billion from the lawsuit. Nabil Bank Ltd has received over Rs 1 billion in a dispute related to counter-guarantee dispute related to Chinese construction company Suifa ANHE Group over the termination of the contract for the construction of Trishuli 3 B Hydropower Project.

Nabil Bank had initiated legal proceedings in China after China Everbright Bank, which issued counter-guarantee after the contract was terminated, refused to make payment. The payment was stopped after the court issued an interim order at the request of the contractor company. However, after the final hearing and appeal verdict in favor of Nabil Bank, the bank received $ 7.45 million (approximately Rs 1.04 billion at the current exchange rate).

According to Nabil Bank’s Chief Executive Officer (CEO) Manoj Gyawali, the amount was transferred to the bank account on Sunday after nearly two years of legal process. After termination of the contract, Trishuli Hydropower Company had received immediate payment of guarantee amount from Nabil Bank. Nabil had to temporarily manage the loan loss as the money did not come from the Chinese bank.

The 37 MW Trishuli III B project is the first project under the ‘People’s Hydropower Programme’.