Agency: Phajo Nidup owes an estimated Nu 1 billion to various banks and private individuals.
Of the above, Phajo is liable to pay the principal and interest payment of Nu. 657.759 million (mn) to various banks. There is then loan interest and penalty amounting to Nu. 129.154 mn. Phajo also owes a sum of Nu.342.186 mn to different private individuals excluding the liabilities of previous judgments pending before the Bench for enforcement.
Phajo is set to receive Nu. 49.233 mn from various parties.
The Enforcement Unit under the Thimphu District Court is actively consulting with stakeholders and all parties involved in the matter to explore further options for resolving the outstanding amounts.
For instance, the Court has offered private parties, many of whom are victims or creditors the option to accept settlement through unencumbered land owned by Phajo Nidup.
For lands and properties under mortgage, the unit has already held multiple consultations with legal representatives from financial institutions to begin the auction process, in accordance with Royal Monetary Authority (RMA) guidelines.
Several mortgaged assets have already been seized and are expected to be auctioned soon, as financial institutions (FIs) move to recover their dues under court directives.
The repayment order will be based on the chronological registration of mortgages as recorded with authorities such as the Thromde, Dungkhag, and Dzongkhag land records, as outlined in the court judgment.