KATHMANDU, June 18: Nepal Bank Limited (NBL) is taking Fulbari Resort & Spa, one of the popular hotels in Pokhara, into auction after the resort owner Piyush Bahadur Amatya failed to pay back dues worth Rs 3 billion to the bank.
Issuing a 35-day notice on Friday, NBL has invited applications from the interested parties to apply for the auction of the property of Fulbari Resort. The NBL led the bank consortium including Rastriya Banijya Bank and Employees Provident Fund while issuing a loan to the resort over a decade ago.
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The resort’s financial health started to deteriorate during the Maoist insurgency. It ceased operation in mid-September 2017 after the management failed to find a solution to the demands raised by its workers. Later, it stepped up efforts to resume operation by handing over the management to an international hotel chain, which however has not materialized as of now.
According to an NBL source, Amatya has not been paying the EMIs to the bank regularly for more than a decade. After no progress is seen to resume operations, the bank has moved forward for selling the properties owned by the resort.
The resort was established in 1998 with an investment of Rs 3 billion. The 165-room property was charging tourists between US$100 and $300 for room. It is spread over 209 ropanis of land including a golf course spread over 140 ropanis.
