Kathmandu: The Bhotekoshi Heli Resort & Spa, a four-star luxury facility located in Marmin-1, Sindhupalchowk, is facing another auction attempt after its management failed to settle outstanding debts with Nepal Bank.
The state-owned bank issued a fresh 15-day public notice on Monday to liquidate the property to recover its dues. This move follows a previous unsuccessful auction attempt on May 18, which the bank cancelled after failing to receive suitable bids or anticipating offers that would not cover the total outstanding liability.
According to the bank’s official announcement, the auction includes the resort’s entire infrastructure along with approximately 35 ropanis and 7 anas of land. The resort had originally secured a loan of Rs 320 million from Nepal Bank. However, due to non-payment, the debt has ballooned significantly. With accrued interest of Rs 56.6 million and additional penalties of Rs 11.8 million, the total liability currently stands at nearly Rs 390 million. The bank has now initiated the formal process to recover this entire sum through the sale of the collateral.
While the bank’s legal notice targets the original directors—Chin Bahadur Ranabhat, Samirkumar Nepal, Chhiring Sherpa, and Subash Pradhan—the actual ownership of the resort has reportedly shifted. Although a change in ownership occurred about a year ago, with the families of investor Deependra Agrawal and Subash Pradhan now holding the majority of shares, the formal banking procedures required to transfer the loan liabilities were never finalized. Consequently, the former investors remain legally responsible in the eyes of the bank and are subject to the current recovery proceedings.
Despite being established as a 48-room four-star property, the resort is currently operating at only half its capacity, with just 24 rooms functional. The transition from previous owners to the new management has been marred by these unresolved financial obligations and the failure to complete necessary banking formalities. As the 15-day deadline approaches, the future of this high-end hospitality destination in Sindhupalchowk remains uncertain, pending either a successful bid or a settlement between the shareholders and the financial institution.
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