It is true that your OPT expires as soon as they release your I-20. With the expiration of OPT, your work permit will also be invalid. You cannot work, legally. 

I would suggest:

i) Talk to the DSO from your previous school. If your SEVIS information  has not been updated yet, then I think you can still explain your situation and you MAY get away with it. But from what you are saying it seems to me that your SEVIS info has already been updated.

ii) Get CPT as soon as you can from any accredited university so that you don't have to stay away from work for a long time.

If both options above fail

iii) Go to Nepal for the extended summer and come back in new I-20 or H1-B, depending on the circumstances.

Junkiri,

I think in your case you can, try www.gbc.edu, they issue CPT from the first semester.

Good Luck!

United states immigration: they want us here but just to show the americans that they are not letting foreigners take their jobs away, they have devised this comlicated and idiotic immigration rules which only put foreign students through a lot of hardship. There has never been any shortage of jobs for highly skilled college graduates in US. In fact it has always been growing at a steady pace. More than 60% of masters level engineering students are foreigners at our university. Yet, why this "natak" with so many regulatory hurdles. They know that when someone from a third world country like Nepal come here, it is not just for education it is also for prospective job opportunities. What percent of Nepali can afford tuition on their own? like 0.00001%?

~Bir