Meeting on Enforcement of Judgement on Phajo Nidup and related parties
The Financial Institutions Association of Bhutan (FIAB) held a three-day meeting from 19th to 21st March in Paro to discuss the enforcement of the court judgment against Phajo Nidup and related parties. The meeting brought together legal representatives from various financial institutions (FIs) to focus on executing the Court’s directives effectively.
During the discussions, legal representatives emphasized the need to prioritize mortgaged securities by listing assets in order of priority as per the Judgment. They also explored the feasibility of a joint seizure operation among FIs to streamline the enforcement process. To mitigate potential disputes, the participants deliberated on establishing a common valuation approach for mortgaged properties, ensuring uniformity in floor and reserve prices and preventing counterclaims over valuation differences. Additionally, the meeting focused on the execution of a common auction to standardize the disposal of seized assets. Other Legal and operational challenges that could arise were also identified and discussed to ensure smooth implementation.
