The Time-Bound Bench of the Judiciary passed verdicts for 29 commercial and 61 civil cases involving 38-year-old Phajo Nidup on Monday. According to the verdicts, Phajo Nidup will have to restitute almost Nu 1bn to various financial institutions and private individuals.
The civil cases involve credit and liabilities owed by Phajo Nidup to multiple private individuals.
The verdicts state that Phajo Nidup owes almost Nu 350 M to private individuals. This amount does not include the amounts Phajo Nidup owes from previous judgments that are still not paid.
Similarly, private individuals owe over almost Nu 40 M to Phajo Nidup.
Meanwhile, the commercial cases involve Phajo Nidup’s debts to financial institutions, which amount to over Nu 650 M. This amount includes principal and interest payment support extended during the COVID-19 pandemic.
Meanwhile, to recover the amount and hold banks, bank employees, and other involved officials accountable, interest and penalties of almost Nu 130 M will be recovered from them. The banks were also held responsible for failing to oversee such incidents.
Phajo Nidup was given loans between 2013 and 2019.
The Time-Bound Bench has instructed the banks to auction Phajo Nidup’s mortgaged properties based on current market value when the appeal period ends.
On the other hand; banks, bank employees, and officials involved from other agencies in Phajo’s cases were given a reasonable time to pay back the amount.
According to the judgments, Phajo Nidup has 25 individual and joint land registration certificates in his name.
Additionally, Phajo Nidup has 35 properties in the name of other individuals purchased by him.
The Time-Bound Bench of the judiciary was established through an executive order from the Supreme Court in September of last year for cases involving Phajo Nidup.
Within a period of over one and half years, the Bench heard a total of 104 cases. The Bench passed 17 criminal case judgments in March of this year.
Kinzang Lhadon
Edited by Sherub Dorji
