Debtors of Troubled Cooperatives in Kathmandu Given 15-Day Ultimatum to Settle Obligations

KATHMANDU

The office of the management committee for troubled cooperatives has issued a public notice calling on the debtors of the declared troubled cooperative institutions to fulfill their obligations within 15 days.

The committee published a public notice on Thursday, stating that despite repeated 35-day notices and correspondence to the directors, managers, debtor members, and staff of the declared troubled cooperative institutions, the majority have not come into contact except for a few debtors. Therefore, they issued a directive through the public notice to make their payments within 15 days.

The notice mentions that if debtors and guarantors fail to make their payments within the 15 days starting from Kartik 1, their properties will be seized, and the accounts of their family members will be frozen. Additionally, it states that the properties will be included in a blacklist for recovery as per Section 115 (1) of the Cooperative Act, 2074, and the Cooperative Regulations, 2075. This information was shared by the office chief, Keshav Prasad Paudel.

He stated that the Ministry of Land Management, Cooperatives, and Poverty Alleviation has declared the cooperatives troubled in accordance with subsection 104 of the Cooperative Act, 2074.

The committee also mentioned that it is currently working in accordance with the procedures sent by the ministry for asset management and liability payment as per Section 105 of the Cooperative Act, 2074, for the declared troubled cooperatives. The government has already declared nearly two dozen cooperatives as troubled.