Panel to study problems over Sarfaesi Act
As many as 10,000 people were on the verge of losing their properties after taking loans pledging their assets.
Thiruvananthapuram: Speaker P. Sreeeramakrishnan on Thursday announced the formation of an 11-member legislative panel to study the problems faced by those who have taken bank loans on account of the introduction of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.
The committee chairman is S. Sarma and the members are E.S. Bijimol, James Mathew, Mons Joseph, A. Pradeepkumar, Thiruvanchoor Radhakrishnan, C.K. Saseendran, V. D. Satheesan, K. Suresh Kurup, M. Ummer and N. Vijayan Pillai. The committee has been asked to submit its report within six months.
The Assembly on August 21, 2017 had unanimously passed a resolution urging the centre to exempt plots not exceeding five cents with house from recovery under the SARFAESI Act of 2002. However, the centre has taken no steps in this regard, said Mr Sreeramakrishnan.
As many as 10,000 people were on the verge of losing their properties after taking loans pledging their assets. The panel would study the situation across the state, he said.