Problematic Cooperative Loan Holders Urged to Settle Liabilities within 15 Days

The Office of the Problematic Cooperative Management Committee has issued a public notice, urging the loan holders of troubled cooperatives to settle their liabilities within 15 days. In the notice published on Thursday, the committee stated that despite repeated 35-day notices and communication attempts, the cooperative’s directors, managers, indebted members, and employees had not responded, prompting the extension of a final 15-day deadline.

Notice Issued: The Problematic Cooperative Management Committee has issued a public notice, requiring loan holders to settle their liabilities within 15 days.

Freezing of Debtors’ Assets: If the debtors and guarantors fail to settle their liabilities within the 15-day period starting from Kartik 1, their assets and bank accounts will be frozen. Recovery will proceed in accordance with Section 115 of the Cooperative Act, 2074.

Declaration of Troubled Cooperatives: The Ministry of Land Management, Cooperatives, and Poverty Alleviation declared these cooperatives problematic under sub-section 104 of the Cooperative Act, 2074.

Asset Management Process: The ministry has initiated the process for asset management and liability settlement with the committee under sub-section 105 of the Cooperative Act, 2074.

Dozens of Troubled Cooperatives: So far, the government has declared around two dozen cooperatives as problematic.

The committee has provided a final deadline to the loan holders to settle their liabilities as per the Cooperative Act and regulations. The notice warns that if payments are not made within the stipulated time, legal measures will be taken, including freezing of assets and recovery procedures.