AC appoints Upadhyaya to report on NDB

KATHMANDU, July 29: The Appellate Court (AC) on Wednesday appointed chartered accountant Tirtha Raj Upadhyaya to reassess the financial status of Nepal Development Bank (NDB) and submit a report to the court within three months in order to facilitate it take decision on Nepal Rastra Bank´s (NRB´s) petition, which seeks permission to liquidate the bank. “This has pushed the court decision for next three months,” Netra Acharya, lawyer at the central bank, told myrepublica.com. The committee has no authority to take any decision, but is entrusted only to report its findings and suggestions to the court after going through the reports and talking with the officials of the NRB as well as the troubled bank. The court will look into its finding while deciding on whether to grant permission to NRB to liquidate the bank.NRB had lodged a petition at the Appellate Court in June after its June 2 board meeting of the central bank decided to send the long-troubled NDB into liquidation, concluding that all its five-year long effort to revive the bank failed owing to incompetent and defiant management.The central bank has frozen all the transactions of the bank, including accounts maintained by the NDB at other financial institutions until the appointment of a liquidator. The central bank has concluded that there was no other alternative to liquidating NDB.