KATHMANDU, August 3: The Patan High Court has paved the way for the bank concerned to take the property of Fulbari Resort & Spa into auction.
A joint bench of the high court’s Judges Mahesh Prasad Pudasaini and Narayan Prasad Poudel on Tuesday decided not to issue an interim order to halt the auction process forwarded by Nepal Bank Limited (NBL). After the NBL on June 17 issued a 35-day public notice of auction, founder of Fulbari Resort, Piyush Bahadur Amatya filed a writ petition at the high court against the state-owned bank.
Patan High Court stays auction of Fulbari Resort & Spa until Ju...
NBL stepped up efforts for an auction after Amatya failed to pay the outstanding dues of Rs 3 billion to the bank.
The NBL led the consortium of banks 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.
