Kathmandu: Nepal Bank has initiated a 35-day auction notice for two companies owned by former Deputy Finance Minister Rup Jyoti due to their failure to repay loans despite repeated warnings.
The bank’s Kantipath branch issued the notice after the companies—Nepal General Marketing (NGM) and Grande City Clinic and Hospital—continuously defaulted on their loan payments.
NGM, which previously held the authorized distributorship for Hero Motorcycles in Nepal, has already lost its dealership rights from the Jyoti family. Meanwhile, Grande City Clinic & Hospital is embroiled in a dispute involving Rup Jyoti’s elder brother, Padma Jyoti.
The bank has issued a stern warning, giving the companies a final 35-day period to clear their dues. If they fail to comply, their mortgaged assets will be confiscated. Additionally, Rup Jyoti and his family risk being blacklisted in the banking system.
NGM’s shareholders include Rup Jyoti’s son Abhik and daughter Suruchi. Rup Jyoti himself is currently under legal custody as a guarantor for the loans.
Meanwhile, Grande’s ownership is linked to Jay Spinning Mills and Syakar Company, both associated with NGM.
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