Sundhara-based CTC Mall. (Photo: social media)
KATHMANDU: Real estate entrepreneur Ichchha Raj Tamang’s CTC mall in Sundhara has gone up for auction.
The Employees Provident Fund (EPF) has issued a 35-day public notice for the auction of the secured CTC Mall after defaulting on a loan taken from the Fund.
Spread over an area of 82,000 square feet, the CTC Mall has 132 shutters and is spread in six ropanis. Issuing a notice on Monday, the EPF informed the public about the auction of the building.
EPF had started the evaluation process for the CTC mall auction of Civil Group Chairman Ichchha Raj Tamang last December.
The property valuation process was put forward for auction as none of the debtor’s civil state representatives and guarantors came to repay the loan even after the 35-day notice deadline.
The Fund had issued a public notice on November 22 warning to auction the secured CTC mall within 35 days.
Tamang had pledged 6 ropani lands of lot number 2424 in Sundhara, 820095 square feet building, and 132 shops inside the building to get a loan from the EPF.
The operators of the mall are Ichchha Raj Tamang, Keshav Lal Shrestha, and Pravin Mukhiya. Lal Kaji Gurung, Ram Krishna Poudel, Harihar Prasad Lamichhane, Pravin Prasad Pradhan and Suman Nandan Vaidya are among the personal guarantors.
Tamang is in police remand on misappropriation and fraud allegations.