Sikkim bank seeks legal action after Rs 3 cr loan default

Guwahati: The State Bank of Sikkim (SBS) has filed a formal FIR against Noel Sharma, a resident of Lingding, Gangtok, for defaulting on a Rs 3 crore loan meant for constructing a commercial housing complex.

The loan, sanctioned in 2021, had an outstanding balance of Rs 5,12,96,250 as of February 28, 2025, which includes accrued interest.

In the FIR filed by Kuncheok Tenzing, the bank’s General Manager (Recovery), Sharma applied for the loan with the intention of building a housing project.

After disbursing the funds, the bank attempted several times to inspect the project site, but Sharma evaded each attempt.

This raised suspicions among the authorities that he might have diverted the loan money for unauthorized purposes.

Despite repeated communications, legal notices, and requests for repayment, Sharma and his guarantors have failed to make any effort to settle the outstanding loan.

As a result, the bank has now sought immediate legal action to recover the dues and interest. The case is currently under investigation.