Stay order issued to NRB

Kathmandu, November 8:

The Patan Appellate Court today issued a stay order to the Nepal Rastra Bank (NRB), directing it not to take action against the Nepal Bangladesh Bank Limited (NBBL). Nepal Credit and Commerce Bank and NBBL are members of the NB Group.

A single bench of Judge Keshav Prasad Mainali issued the stay order following a hearing. The bench told the NRB not to order the NBBL to stop its activities.

The bench said it came to know that the central bank was planning to take action against the NB Group at a time when the tenure of Bank and Financial Institutions Ordinance 2005 has expired. The bench also ordered the NRB governor to submit a written explanation, clarifying why it is trying to take action against the NB Group within 15 days. MD of the NBBL Narendra Bhattarai had filed a petition at the court yesterday. Advocates Radheshyam Adhikary, Badri Bahadur Karki, Shambhu Thapa, Indra Shekhar Khadka and Manoj Adhikary pleaded on behalf of the petitioner.