Kathmandu, February 7
Several plots of land in Lalita Niwas of Baluwatar that were acquired illegally have been pledged as collateral to obtain credit of Rs 2.41 billion from different banks and financial institutions, raising uncertainty about the recovery of these loans.
The report on the Lalita Niwas land-grab case prepared by the Commission for the Investigation of Abuse of Authority shows that loans ranging from Rs 2 million to Rs 1.38 billion were issued using plots located in Baluwatar as collateral.
Even Navin Paudel, son of ruling Nepal Communist Party (NCP) General Secretary Bishnu Paudel, had obtained a loan of Rs 4.9 million from Yeti Development Bank by using land in Baluwatar as collateral.
It is not known whether banks and financial institutions will be able to auction the land if the borrowers default on loan payment.
“We are collecting the exact amount of loans disbursed by banks using land plots in Lalita Niwas as collateral. Bankers will soon sit with the government and Nepal Rastra Bank to seek a way out,” said Bhuvan Dahal, president of Nepal Bankers’ Association.
Meanwhile, officials at the Ministry of Land Management, Cooperative and Poverty Alleviation said BFIs could not auction the concerned plots in Lalita Niwas as the government had alread
Read the full story on The Himalayan Times
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