Kathmandu. The Kathmandu District Court has ordered the release of Prithvi Bahadur Pandey, chairman of Nepal Investment Mega Bank (NIMB), on a bail of Rs 40 lakh.
A single bench of District Judge Nawaraj Dulal issued the order to release Pandey on bail.
Pandey was released after paying a bail of Rs 40 lakh fixed by the court. A case was filed against him on charges of cheating and organized crime on August 11.
According to Pandey’s statement in the court, after Smart Telecom did not repay the loan amount taken from the bank, the bank auctioned the goods of Smart Telecom as per the legal process. In his statement to the court, Pandey said that he did not personally seize or misuse the Smart Telecom’s equipment, but that the amount was recovered through an auction process to recover the amount owed to the bank. Even in the court’s order, it is stated that Pandey has given a statement that he had auctioned the goods of Smart Telecom and recovered the amount from the bank.
The main dispute in this case seems to be the question of whether the process of auctioning the property pledged by the bank for the recovery of the loan can be interpreted as a criminal offence.
In the banking transaction, the process of recovering arrears from the collateral taken for the security of the loan is considered to be the prevailing banking practice.
In the case of Smart Telecom, the bank has also auctioned the equipment and equipment pledged to recover its loans.
i. e., the auction at the center of the dispute is not a personal decision or a transaction for personal gain, but it is related to the recovery of the outstanding loan of the bank.
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