SBS seizes properties in East Sikkim over loan defaults including one linked to former CM’s daughter

The State Bank of Sikkim (SBS) has taken action against loan defaulters by seizing three properties in East Sikkim. The move comes after repeated efforts by the bank to recover large unpaid loans.

One of the seized properties is near the Tadong outpost in Gangtok. The bank took control of this property after Sushila Chamling, daughter of former Chief Minister Pawan Kumar Chamling, defaulted on a loan of Rs 2.3 crore.

Another property seized is Hotel Lhasa, located at Metro Point in Gangtok. The owners of the hotel had taken a Rs 6 crore loan but failed to repay it despite multiple reminders from the bank.

The third property belongs to Palden Bhutia in Sangtong Block, Ranka, East Sikkim. Bhutia had defaulted on a loan of Rs 2 crore.

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SBS officials said that notices have been issued to the property owners. They have been directed to vacate the Tadong property by February 28 and the Ranka property by March 3. The bank has also instructed that no further construction or modifications be made to any of the seized buildings.

The bank plans to conduct a valuation of the seized properties, issue public proclamations, and eventually auction the properties to recover the unpaid debts.

“We urge all loan defaulters to repay their loans to avoid facing similar actions,” the bank official said.

SBS also mentioned that they have already seized six other properties in West Sikkim due to similar loan default cases.