The State Bank of Sikkim (SBS) carried out an ‘attachment of immovable property’ at Hotel Sobralia in favor of SBS on Dec 27, at around 10AM.

The land in which the Hotel is built, belongs to Gagan Rai, son of late Santa Bir Rai, of Namchi. Alongwith the land belonging to his wife, Dhan Kumari Rai, also of Namchi.

The failure to pay the ‘Certificate Debt’ which was required to be paid by the debtor as per the notice issued to them on 03/10/2024, has allowed the Bank to take this action.

According to the Managing Director of SBS, Phurba Wangdi Bhutia, the property – Hotel Sobralia, is built on loans from SBS. And with interest of last ten years, the debt amount may have crossed rupees forty crores, he says.

The attachment notice mentions, “State Bank of Sikkim now takes the physical possession of this property, and as such the property now belongs to the State Bank of Sikkim.” It further mentions the prohibition to make any deals, of any manner, on the property. Meaning, the property now belongs to the State Bank of Sikkim, and the debtors are prohibited from selling or gifting the properties.

MD, SBS, Phurba Wangdi Bhutia also mentions that the property will be sold by SBS in public auction.

The Attachment of Immovable Property, is led by SBS Chairman, DB Gurung, MD Phurba Wangdi Bhutia, GM Kuncheok Tenzing. In presence of SBS Manager Legal, Lekhraj Dahal and Legal AD, Karma Tshering Bhutia, from Gangtok. Also present are, the staffs and manager from SBS Namchi Branch, and SHO Namchi and Namchi Police.