KATHMANDU: Troubled Nepal Development Bank’s (NDB) depositors might be able to celebrate Dashain with an easy mind as Patan Appellate Court yesterday directed Nepal Rastra bank (NRB) to let them withdraw a minimum amount from their deposits. The court has asked NRB to let worried depositors withdraw Rs 50,000 — 50 per cent of their deposit — if their deposit is Rs 1,00,000. “In case of more than Rs 1,00,000 deposit, they can still withdraw 50 per cent but not those with above Rs 2,00,000 deposit,” said Nepal Bikash Bank Peedit Sangh president Kirti Madan Joshi. “The letter wil reach NRB on Sunday and it will decide when to let us withdraw our deposits,” an elated Joshi said adding that the NRB governor might decide their fate on Sunday. “If NRB permits us to withdraw, depositors with savings accounts and fixed — whose account has already matured — can withdraw according to the court directive,” he added. The court has heard the case after Investigation Officer T R Upadhyaya submitted his report on Wednesday. Upadhayay has recommended the revival of NDB as the Badri Bhattarai-Nabin Pun group has given bank guarantees equivalent to Rs 340 million — Rs 240 million and Rs 100 million each. He has also argued that the liquidation of the NDB might hit the economy and encourage capital flight. Though he has asked the court to clarify the definition of small depositors the court is silent on it and in turn has asked NRB to make arrangements for the withdrawal of deposits before Dashain. The court has also asked the central bank to release the NDB employees’ salaries and their Dashain bonus. There are around 30 employees including those in NDB’s Pokhara branch office and the head office at Kamaladi of Kathmandu. Based on the recommendations by Upadhyaya, the court will decide whether to revive the bank or send it into liquidation after Dashain. The recommendation has said that in case of revival, the institutional depositors like Nepal Army and Employment Provident Fund will get their money back in three years. According to Upadhayay’s recommendation, the settlement of Non-Performing Assets (NPA) and Non-Banking Assets (NBA) with extra capital injection can revive the bank. “The bank can be revived with internal resources (Rs 274.64 million) and Rs 320 million capital injection from the Bhattarai-Pun Group,” he said. Bhattarai — the current promoter — has given a Rs 240 million bank guarantee through Kumari Bank. Pun — the son of ‘controversial’ former NDB chairman Uttam Pun — has given a Rs 100 million bank guarantee through Kist Bank. However, NDB has also to settle its NPA — Rs 110 million with Holyland School, Rs 90 million with Nepal Cooperatives Ltd and Rs 80 million with Gurkha Hydropower for its revival. The first development bank of Nepal has 19,865 shareholders and around 4,000 depositors. Patan Appellate Court appointed Upadhyaya as investigation officer on July 29 as per the Insolvency Act 2007. This is the first of its kind of case in the financial history of Nepal in which NRB sought the court’s approval to sent a bank into liquidation.