KL News Network
Reacting over the Supreme Court Judgment over the applicability of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) in Jammu and Kashmir, for High Court Justice Hasnain Masoodi Saturday said that the judgment copy of the court amply makes it clear that the Counsel who represented the state government has conceded that there is no problem in implementing the said Act in the state.
“The State Counsel has restricted his arguments and objections to Section 13(4) and Rule 8(5) only. The Para 7 of the judgment copy reveals that the State Counsel has maintained in the court of law that State of Jammu and Kashmir would have no objection to SARFAESI Act applied in the State,” Masoodi told news agency CNS adding that the latest Supreme Court Judgment will have serious implications.
Pertinently, the Supreme Court has said that Jammu and Kashmir has “no vestige of sovereignty outside the constitution of India” and rejected the J&K High Court’s view that the J&K Constitution was equal to the Constitution of India.
The court said this while deciding a legal question on whether the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) will be applicable to J&K or the law was outside the legislative competence of Parliament since its provisions would collide with Section 140 of the Transfer of Property Act of J&K.
“The SC judgment is a blow to the concept of autonomy in Jammu and Kashmir. It has in a way undermined and ended the authority of Judges of Jammu and Kashmir High Court,” Masoodi said. He however added that despite the Supreme Court ruling the banks in Jammu and Kashmir in order to recover debts from defaulters can’t sell the property to the outsiders. “It is very important to know how the State Counsel handled and pleaded the case,” he said.