KATHMANDU: Himalayan Bank has initiated the process to seize 337 Vespa and Aprilia scooters after the borrower failed to repay the loan principal and interest, triggering recovery action under collateral enforcement procedures.
The bank issued a 15-day public notice, stating that it will take control of the scooters pledged as security and proceed with auction formalities.
According to the bank, the scooters were mortgaged by Gemini Lifestyles Pvt. Ltd., a Butwal-based authorized dealer of Vespa and Aprilia under the Dugar Group, to obtain credit facilities.
Despite repeated reminders, the borrower did not settle the outstanding dues, the bank said. The company was operated by Deepak Shrestha and Bishnu Kumari Dumre.
The bank further stated that the scooters are currently in use by third parties, as they were already sold to customers. However, ownership transfer has not been completed in official records.
While the dealership sold the scooters to customers, it had also pledged the same units as collateral while failing to clear its bank obligations. This situation has now led to recovery action, leaving end customers in a difficult position.
In many cases, vehicle ownership transfer is completed within 15 days to one month after purchase. For financed purchases, the blue book remains under lien until full repayment. In this case, it remains unclear how many of the 337 scooters were sold in cash or through financing.
The bank has urged users of the vehicles registered under its name to submit them to the nearest branch within the notice period.
The notice states that if the vehicles are not returned voluntarily, they will be seized from wherever they are found in accordance with Nepal Rastra Bank regulations, the Bank and Financial Institutions Act 2073, and other prevailing laws.
In addition, the bank has started recovery proceedings against 19 cars registered under companies linked to Deepak Shrestha, including Highway Auto Concern Pvt. Ltd., Jupiter Auto Concern, and Highway Wheels Auto Pvt. Ltd.
