SUMMIT REPORT, Gangtok, 27 Dec: The State Bank of Sikkim (SBS) has officially seized the Hotel Sobralia property in Namchi, one of its largest properties to be taken over, following the owners’ prolonged default on loans. This decisive action was spearheaded by SBS Managing Director Phurba Wangdi Bhutia, along with Chairman DB Gurung and the bank’s recovery team.
The outstanding loan, totaling approximately 40 Crore, has been overdue since 2010. Despite multiple attempts by the bank to recover the funds, the owners failed to fulfill their repayment obligations, necessitating SBS’s intervention.
Phurba Wangdi Bhutia stated that no transactions concerning the property will occur until the outstanding loan is settled. If the dues remain unpaid, SBS has indicated a potential auction of the property to recover the loan amount. This move underscores SBS’s commitment to enforcing loan repayment and maintaining financial stability.
