Agency: After all the court verdicts, a big question hanging over the Phajo Nidup case was how would he pay back the banks and numerous private parties he owed money to, coming to Nu 1.4 billion?
In a recent development, the Supreme Court (SC) has allowed Phajo to auction or sell his lands or give them away to settle his debts.
Phajo owes Nu 566.63 million (mn) to private individuals mostly in various land dealings. He then owes another Nu 904.45 mn to six Financial Institutions (FIs) in loans, interest and fines.
Phajo said that he has agreed to give Nu 400 mn to around 40 to 50 private parties by giving away 20 plus acres of his land within Phuenthsoling Thromde.
He said after this, he has around 78 acres of land remaining within Phuentsholing Thromde of which around 49 acres are under loan, and 29 acres without loan.
He said he has around Nu 160 mn pending to private parties which are in the process of being discussed for settlement by giving away lands.
However, at the moment not a single thram has exchanged ownership or hands as the above are yet to be finalized.