Machhapuchchhre Bank to auction 90 units of 2009 model Hyundai Vehicle; Vehicle sold on “As is basis”

AVCO International Private Limited had taken Letter of credit (LC) from Machhapuchchhre Bank ltd (MBL) back in October 06, 2009 to import 90 vehicles from Hyundai Motors India. MBL has already cleared dues to the exporting companies. Although MBL has sent written notice on numerous occasions, AVCO International Pvt. Ltd has not paid its outstanding loan to MBL. Now, MBL will be auctioning 90 units of various 2009 model light weight Hyundai vehicles which include 20 units of Santro GL, 60 units of Santro GLS and 10 units of i10 D lite in a closed bid auction. The vehicle sold will be on “As is Basis”. Interested individual, firm or company can apply for the closed bid till Mangsir, 17. The interested parties’ needs to mention the amount they are willing to pay for the cars in the form and needs to deposit 10% of the amount mentioned as the security the bank. The form along with voucher and draft needs to be submitted in the corporate office of the bank situated at Lazimpat, Kathmandu no later than Mangsir 17. The forms are available at corporate office, Lazimpath, Kathmandu at the nonrefundable cost of Rs 1000. Interested parties needs bid for the entire vehicle. The winner of the auction needs to bring the cars from Raxaul, India at their own cost. Furthermore, it would be winner’s responsibilities to pay all kind of liabilities including the storage cost since 2009. The bid opening date is set on Mangsir 18.