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SARFAESI Act to be tabled in forthcoming Assembly session: Kronu

Nagaland News

KOHIMA, NOVEMBER 15: The Nagaland Legislative Assembly (NLA) Select Committee will table the SARFAESI Act, 2002 for legislation in the forthcoming session of the Assembly starting from November 25.

The decision was taken in today’s meeting of the Committee, held in the NLA Committee Room under the chairmanship of Chief Minister Neiphiu Rio, and attended by former Chief Minister T R Zeliang, Chief Secretary J Alam and others, Minister for Planning & Coordination, Land Revenue and Parliamentary Affairs Neiba Kronu told this to reporters during a programme at YouthNet office here today.
The NLA Select Committee to examine the application of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 was constituted in February this year.
Kronu said after thorough deliberations on the implication of the SARFAESI Act, 2002 to the provisions of Article 371(A) of the Constitution and also taking the opinion of the Advocate General of Nagaland through video conference, the Committee decided to table it in the forthcoming Assembly session.
He said the Committee was of the view that even if the bank confiscates the mortgaged property of the Naga people, it should be sold only to the indigenous inhabitants and not to outsiders.
“We have thoroughly studied whether the Act and Article 371(A) will clash or not but it is clear (it won’t)”, he said.
SARFAESI Act is a Central Act and even the court cannot interfere if the property is confiscated by the bank, but we will have our own land law so that the mortgaged property is not allowed to be sold to outsiders, he said.
Asked if the Government would amend or add a clause on safeguarding the land and property in the SARFAESI Act, Kronu said being a Central Act it cannot be amended by the State but “even if it is there it won’t affect our land and economy”.
In this, he asserted that the State Level Bankers Committee has agreed to the letter of the State Government that the confiscated land and property should not be sold to the outsiders. Now it is very clear, he said.

Asked on the proposed Land Laws of the State, the Minister said the Land Revenue Department is working hard to have our own land law as the State cannot continue using the Assam Land Laws. “We have to do away with Assam Land Laws and have our own land laws”, he said.
Having our own land law will give added advantage of providing valid documents to the landowners, he said.
While the Department is working hard on the land laws, he said the Government has given two months’ time to the Land Revenue Department and others working on it to submit the report. (Page News Service)