KATHMANDU, July 24: The Patan High Court on Sunday issued a stay order, asking Nepal Bank Limited (NBL) to halt the process of taking the property of Fulbari Resort & Spa into auction.
A single bench of High Court Judge Dhir Bahadur Chand has asked the NBL to halt the process until July end. After the NBL’s 35-day public notice of auction, founder of Fulbari Resort, Piyush Bahadur Amatya filed a writ petition against the state-owned bank.
Patan High Court refuses to issue interim order to halt auction...
NBL stepped up efforts for an auction after Amatya failed to pay the outstanding dues of Rs 3 billion to the bank. Issuing a 35-day notice on June 17, NBL invited applications from the interested parties to apply for the auction of the property of Fulbari Resort.
The NBL led the bank consortium including Rastriya Banijya Bank and Employees Provident Fund while issuing a loan to the resort over two decades ago. The resort’s financial health started to deteriorate during the Maoist insurgency. It ceased operation in mid-September 2017 after the management failed to find a solution to the demands raised by its workers.
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