Kathmandu. Nepal Investment Mega Bank and Himalayan Bank are going to auction the land in Pokhara as collateral of Heritage Hotels and Sweets Pvt. Ltd. Both the banks are going to auction the collateral after the loan issued under the co-financing and the payment of the loan despite issuing a public notice to repay the loan.

The bank, through a 7-day urgent notice published on September 1, 2008, has urged the concerned borrowers to repay the loan by paying all the principal, interest, damages and other fees within the stipulated period. The bank has stated that if the loan is not repaid within this period, the borrower and the concerned guarantor will be kept in the blacklist of the Credit Information Center as per the prevailing laws and the integrated directives of the Nepal Rastra Bank.

According to the bank, two plots of land registered in Kaski in the name of Heritage Hotel and Sweets Pvt. Ltd. have been put up for auction. Plot No. 126 of Seat No. 093091725 located in Pokhara Sub-Metropolitan City-6 has 1,108.85 square meters and 1,108.85 square meters of land. The bank has 1,104.40 square meters of land in Plot No. 28 of 093095005. The houses on both the lands and the entire lease of the land have been mortgaged to the bank.

The total area of the land to be auctioned is 2,213.25 square meters.

The bank has issued several notices in the past for the recovery of loans of Heritage Hotels and Suites. According to the bank, a 35-day public notice was issued on November 3, 2082, a 15-day mortgage auction notice was issued on December 3, 2082, and a 7-day auction notice was issued on March 23, 2082.

After that, on April 22, 2008, the 7-day mortgage auction notice was published again. But after the loan was not recovered, the bank started the auction process again.

Those interested in participating in the auction can buy the bid form from the New Road branch of Himalayan Bank by paying Rs 1,000 during office hours. The last date for submission of bids is September 10. The tender will be opened on September 10 at 2:00 pm at the New Road branch of Himalayan Bank, Kathmandu.

The bank has said that if the property is not auctioned on the stipulated date, it can sell it through other arrangements or the bank itself can accept it as per the prevailing law. The notice states that if the entire dues of the bank are not recovered from the sale of the mortgage, the legal process will be initiated to recover the remaining amount.

The borrower is Heritage Hotel and Sweets Pvt Ltd while Rabichandra Hamal Thakuri and Sangita Hamal Thakuri have been mentioned as shareholders and individual guarantors.