Laxmi Sunrise Bank Announces Re Auction of Collateral Assets Under 7 Day Notice
8th October 2026, Kathmandu
Laxmi Sunrise Bank Limited has issued a seven day public notice for the re auction of movable and immovable collateral assets pledged against defaulted loans.
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Laxmi Sunrise Announces Re-Auction
Auction Background and Regulatory Context
- Reason for Re Auction: The notice follows previous unheeded written and verbal reminders as well as earlier loan repayment and auction notices that resulted in non payment of principal interest penal interest and administrative fees
- Legal Authority: Exercising authority under the Bank and Financial Institution Act 2073 BAFIA
- Asset Scope: Movable and immovable collateral properties including land buildings vehicles and machinery to be auctioned on an as is where is basis
Bid Application Process and Timeline
- Submission Window: Interested bidders must submit sealed bid applications within seven days from the publication date of Ashwin 22 2083 October 8 2026
- Submission Locations: Applications must be delivered to the Loan Recovery Department at the Laxmi Sunrise Bank Head Office in Hattisar Kathmandu or at designated branch offices
- Bid Opening Schedule: Sealed bids will be formally opened on Ashwin 29 2083 October 15 2026 at 11 00 AM at the Head Office or respective branch offices or on the next banking day if a public holiday falls on that date
Bank Rights and Further Recovery Actions
- Direct Asset Acquisition Provision: In the event that collateral assets remain unsold through the re auction process Laxmi Sunrise Bank reserves the right to acquire ownership of the assets directly in accordance with prevailing laws
- Residual Recovery Measures: If auction proceeds fail to fully cover the total outstanding liabilities the bank will pursue legal action to attach and recover remaining dues from other movable and immovable assets owned by the borrowers and guarantors
For more: Laxmi Sunrise Announces Re-Auction
