Prabhu Bank is auctioning the movable and immovable properties of two companies associated with Roop Jyoti after they fail to repay their bank loans.
Following a default on bank loans, Prabhu Bank has initiated the process to auction off the pledged movable and immovable properties belonging to two companies linked with Roop Jyoti, chairman of the Jyoti Group. The bank has issued a final seven-day public notice, inviting sealed bids for the sale of collateralized assets of North Face Hotel Pvt. Ltd. and Nepal General Marketing Pvt. Ltd.
Prabhu Bank announced on Friday that despite repeated verbal and written reminders to the debtors and guarantors, along with previous 35-day and 15-day public notices, no interest was shown in settling the outstanding loans. Therefore, the auction process has been moved forward.
Assets of North Face Hotel Pvt. Ltd.
North Face Hotel Pvt. Ltd. is the first company included in this auction. Roop Jyoti serves as a director and guarantor for this company. The bank plans to sell more than a dozens of plots of land located within Budhanilkantha Municipality, Kathmandu, along with all structures built on those lands, in their “as-is” condition, which were held as collateral.
Assets of Nepal General Marketing Pvt. Ltd.
Similarly, the pledged assets of Nepal General Marketing Pvt. Ltd. are also being put up for auction. For this company’s loan, Roop Jyoti, along with his son Abhik Jyoti and daughter Suruchi Jyoti, are the guarantors. This company previously served as the authorized distributor for Hero motorcycles in Nepal but has since lost that authorization.
The collateral for Nepal General Marketing Pvt. Ltd. includes a house and land in Lalitpur Metropolitan City-6, a large area of land in Chorni, Parsa, various plots of land and buildings in Dillibazar, Kathmandu, and also a house and land in Kalanki. The bank has also included the hypothecation security over the company’s stock and current assets in the auction process.
Interested bidders must submit their sealed bids to Prabhu Bank’s head office in Babar Mahal, Kathmandu, within seven days from the date of the public notice, which is until Shrawan 14. The received bids will be opened on Shrawan 15 at 1 PM at the bank’s head office, in the presence of concerned stakeholders. Details regarding bid forms and terms and conditions can be obtained from bank’s loan recovery department.
The bank has warned that if the auction proceeds fail to recover the entire principal, interest, and penalty amounts, the remaining sum will be recovered from the other personal assets of the debtors and guarantors, as per prevailing laws. Additionally, the bank has stipulated that the successful bidders will be responsible for all government revenue, capital gains tax, transfer fees, and other associated charges incurred during the property acquisition.
AI Disclaimer: This article was originally published on https://bajarkochirfar.com. It has been translated with the help of AI. For the best understanding and accurate facts, we recommend reading the original Nepali version.
