Office of the Problematic Cooperative Management Committee warns defiants of severe consequences
KATHMANDU, Oct 18: The Office of the Problematic Cooperative Management Committee has issued a public notice urging debtors of the declared problematic cooperative organizations to settle their liabilities within 15 days.
The committee published a public notice on Thursday directing the directors, managers, debtors, and the employees of the declared problematic cooperatives to settle their liabilities within 15 days. Despite sending repeated 35-day notices and correspondence, the majority of debtors have yet to respond, according to the cooperatives management committee.
Govt working at snail’s pace to address the issue of problemati...
Keshav Prasad Paudel, the head of the office, stated that if debtors and guarantors do not settle their liabilities within 15 days from October 17, their assets will be frozen, and their names will be added to a blacklist. Additionally, the frozen assets and bank accounts will be subject to recovery in accordance with Section 115 (1) of the Cooperative Act, 2074 BS, and the Cooperative Regulations, 2075 BS, as mentioned in the notice.
He stated that the Ministry of Land Management, Cooperatives, and Poverty Alleviation has declared the cooperative as problematic in accordance with Section 104 of the Cooperative Act, 2074 BS.
The committee stated that following the declaration of the cooperative as problematic and in accordance with Section 105 of the Cooperative Act, 2074 BS, work is underway as per the procedures outlined by the ministry for asset management and liability settlement.
The government has already declared around two dozen cooperatives as problematic.
