The State Bank of Sikkim (SBS) has taken possession of the Hotel Sobralia in Namchi, one of its largest assets. This significant action, taken on December 27th in Gangtok, follows years of unpaid loans by the hotel’s owners. The move was overseen by SBS Managing Director Phurba Wangdi Bhutia, Chairman DB Gurung, and the bank’s recovery team.
The outstanding loan, totaling approximately 40 crore rupees, has been in arrears since 2010. Despite numerous attempts at amicable resolution and recovery, the owners failed to meet their repayment obligations, forcing the SBS to seize the property.
Managing Director Bhutia emphasized that all transactions concerning Hotel Sobralia are suspended until the outstanding loan is repaid in full. Should the owners continue to default, the SBS has indicated that the property will be auctioned to recover the debt. This decisive action highlights the bank’s commitment to robust loan recovery and the maintenance of financial stability within the state.