December 2016 News

SARFAESI Act: Criticism To SC Ruling 'Misplaced', Says Drabu

31 December 2016
Kashmir Observer

Srinagar: Terming the criticism to Supreme Court (SC) ruling on SARFAESI Act vis-à-vis Jammu and Kashmir as completely misplaced, Finance Minister Haseeb Drabu said it reaffirmed that Transfer of Property Act actually prevails. 'I think we will have a lot of occasions to discuss this in the Assembly, but I think opposition to the SC ruling is completely misplaced. The Opposition has been doing this for very long,' Dr Drabu told reports on the sideline of unveiling ceremony of J&K Bank calendar 2017 here today. He said the act reaffirms quite a few things, one of which is in the Transfer of Property Act actually prevails over SARFAESI Act. 'In the event of a bank taking recourse of property, they can't sell it to a non-state subject. In the last budget, I had already made a provision for asset Recovery Company, which can buy these impaired assets,' he added. So they have no clue what they are saying and bear no relation to what the act has and it is not mew today, this has been going on since 2003,' Dr Drabu said. He said it can be a huge business opportunity for J&K bank, as it is the only state subject organization. When asked if the government would bring any other law on the issue, he said the law department will have to discuss the same.