Gangtok: The State Bank of Sikkim (SBS) has taken control of the prominent Hotel Sobralia in Namchi after the owners defaulted on a loan of approximately Rs 40 crore.
This action, executed under the leadership of SBS Managing Director Phurba Wangdi Bhutia, Chairman DB Gurung, and the bank’s recovery team, followed years of unpaid dues despite repeated attempts by the bank to facilitate repayment.
The loan, dating back to 2010, had remained outstanding, leaving SBS with no other recourse but to intervene. Managing Director Phurba Wangdi Bhutia emphasized that no transactions involving the property will be permitted until the outstanding dues are cleared.
“If the owners fail to repay the loan,” stated Bhutia, “the bank will initiate the auctioning of the property to recover the amount.” This decisive action underscores SBS’s commitment to enforcing loan repayment protocols and maintaining the bank’s financial stability.
The recovery of the dues is expected to serve as a strong message to borrowers regarding the importance of adhering to their repayment obligations. Hotel Sobralia, a well-known establishment in Namchi, will remain under SBS’s control until further developments occur.
Read More: 30th Assam Master Athletic Championship 2024 Kicks Off in Kokrajhar