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'SARFAESI' row: Apex court serves notice to J&K Govt 11/5/2015 11:31:34 PM Early Times Report Srinagar, Nav 5: The Supreme of India has issued a notice to state government on a petition challenging the J&K High Court's judgment that Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act can't be extended to Jammu and Kashmir. The notice was served by a Division Bench of Justices Jagdish Singh Khehar and R Banumathi which directed the state government to file the reply within two weeks after hearing the petition filed by State bank of India. Earlier, the state high court earlier this year said that the SARFAESI Act cannot be extended to state. Disposing of a bunch of petitions challenging issuance of notice to them by various banks, a Division Bench of the court held that Union Parliament does not have legislative competence to make laws contained in section 13, section 17(A), section 18(B) section 34, 35 and section 36, so far as they relate to the State of J&K. "It is further held that the provisions of the Act can be availed of by the banks, which originate from the State of J&K for securing the monies which are due to them and which have been advanced to the borrowers, who are not State subjects and residents of the State of J&K and who are non State subjects/non citizens of the State of J&K and residents of any other State of India excepting the State of J&K," the division bench had said. The division also quashed the notices issued by the banks in terms of section 13 or any other coercive method taken under section 13 of SARFAESI Act. "The respondents Banks/Institutions are restrained from proceeding further in terms of action initiated on the basis of provisions of Act against the State Subjects/ citizens of State of Jammu and Kashmir," the bench had stated. "The State of J&K would be at liberty to enact law similar to that of SARFAESI Act for securing the interests of the banks and financial Institutions." However, the court had said the State, in the event of framing such a law, has to ensure that interests of State subjects and citizens of J&K quasi their immoveable properties are not affected by transferring the same to non State subjects.   Share This News with Your Friends on Social Network     Comment on this Story

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