Kathmandu. KATHMANDU: The Ministry of Land Management, Cooperatives and Poverty Alleviation has issued a notice to the farmers to repay their loans within 15 days.

Issuing a notice on Tuesday, the Troubled Cooperatives Management Committee issued a 15-day notice in the name of directors, loan members, managers, employees and guarantors who have taken loan from cooperatives.

If the loan is not repaid, the property of the borrower and the guarantor will also be frozen and the mortgage will be auctioned.

The notice reads, “The Government of Nepal (Ministry of Land Management, Cooperatives and Poverty Alleviation) has declared as problematic as per Section 104 of the Cooperative Act, 2074 and informed the directors, borrowers, managers, employees and guarantors of the cooperatives under this committee for asset management and payment of liabilities. Since the committee has not paid the interest and damages, this notice has been published to contact the office of this committee in Buddhanagar, Kathmandu within 15 days from the date of publication of this notice and to pay the amount by collecting its accounts. ‘

If the loan is not settled within 15 days, the bank will make public the details of the borrower, his/her family and guarantor along with the name of the borrower, his/her family and guarantor and freeze the property and account in their name. It has also been mentioned in the notice that public services will be stopped and the collateral kept while taking loans will be auctioned.

The notice reads, “If the loan is not settled within the stipulated date, the names and details of the borrowers will be made public, the property and account of the borrower and the guarantor and the guarantor will be written to the concerned body to stop the public services and facilities. ‘

Only today, the government gave full shape to the problematic cooperative management committee. The meeting on Tuesday appointed Dilli Raj Acharya of Pyuthan, Nawaraj Simkhada of Dhading and Roshan Bahadur Shakya of Lalitpur as chairs. The ministry has initiated a phased process to refund the money of the cooperatives’ savers. The ministry is preparing to expedite the repayment of savings along with the recovery of loans.