Nagaland to table SARFAESI Act 2002

Kronu 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".

Kohima: Minister for Planning & Coordination, Land Revenue and Parliamentary Affairs Neiba Kronu on Monday informed that Nagaland government will table the SARFAESI Act, 2002 in the forthcoming session of the Assembly which is scheduled to be held from November 25.

Talking to media persons, Kronu said the decision to table in the Assembly was taken at a meeting of the Nagaland Legislative Assembly (NLA) Select Committee on SARFAESI Act, 2002. The meeting was held under the chairmanship of Neiphiu Rio, Chief Minister of Nagaland on November 15.

Kronu said the meeting thoroughly deliberated on the implications of the SARFAESI Act, 2002 to the provisions of Article 371(A) of the Constitution. Later, the opinion of the Advocate General of Nagaland was also taken via video conferencing.

Kronu said the committee has thoroughly studied between the SARFAESI Act, 2002 and Article 371(A). The SARFAESI Act 2002 was enacted by Parliament to empower banks and financial institutions of India to take over the assets and properties of a borrower to recover an unpaid bad debt. The Committee felt that even if a bank confiscates the mortgaged property in Nagaland, it should be sold only to the indigenous inhabitants and not to outsiders.

Kronu 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”.

Kronu also clearly mentioned that the SARFAESI Act is a central Act and it cannot be amended by the State. He however asserted that the Act won’t affect our land and economy. With this, he informed 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.

The Minister also said that the Land Revenue department is working to bring out its own state land law very soon as the State cannot continue using the Assam Land Laws.

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