NAMCHI: The State Bank of Sikkim (SBS) has taken control of the prominent Hotel Sobralia property in Namchi after the owners defaulted on a loan of approximately Rs 40 crore. SBS Managing Director Phurba Wangdi Bhutia, Chairman DB Gurung, and the bank’s recovery team led the execution of the property seizure.
The loan, which dates back to 2010, had remained unpaid despite repeated efforts by the bank to facilitate repayment. With no resolution forthcoming, SBS was compelled to intervene. The managing director, Phurba Wangdi Bhutia, stressed the need to clear the outstanding dues before allowing any transactions involving the property.
“If the owners fail to repay the loan, the bank will initiate the auctioning of the property to recover the amount,” stated Bhutia. This decisive action highlights SBS’s commitment to enforcing loan repayment protocols and maintaining financial stability within the institution.
The recovery of the dues is expected to send a strong message to borrowers about the importance of adhering to repayment obligations. Hotel Sobralia, a notable establishment in Namchi, will remain under SBS’s control until further developments occur.
Earlier in May, a whopping sum of Rs. 69 crore was embezzled from the State Bank of Sikkim, allegedly by three senior officials of the state-run bank. The SBS has filed an FIR with the CID Sikkim Police against the three accused officials.
