Banks and financial institutions are obligated to follow Article 371A to ensure that ownership of security interest is transferred only in favour of indigenous persons and no one else, said the resolution. Rio introduced the resolution as the 9th Session of the 13th Nagaland Legislative Assembly began on Thursday.
By Imna Longchar, TFM Nagaland Correspondent
Nagaland Chief Minister Neiphiu Rio on Thursday introduced Resolution on the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, in the House.
The resolution says that the provision of SARFAESI Act cannot override any provisions of the constitution of India. It said the tenor of Article 371A of the Constitution will apply in the state when banks or financial institutions make an attempt to transfer the ownership of the property through the process of auction.
Banks and financial institutions are obligated to follow Article 371A to ensure that ownership of security interest is transferred only in favour of indigenous persons and no one else, said the resolution. Discussions, consideration, and voting on the resolution will be taken up on Friday.
9th Session of the 13th Nagaland Legislative Assembly begins
The 9th Session of the 13th Nagaland Legislative Assembly (NLA) began on Thursday at NLA Secretariat, Kohima, with the NLA Speaker, Sharingain Longkumer, making obituary references to five former NLA members who passed away this year.
According to an official bulletin, the five former NLA members who expired were Pongchailenba Konyak (August 11), Chupfuo Kense (August 17), Lhiweshielo Mero (October 13), Kihoto Hollohon (October 15), and Khuosatho Nyusou (November 14).
Meanwhile, replying to MLA Yitachu’s question on the present status of waterways project over Tizu river, Minister, Transport, Civil Aviation and Railways, Paiwang Konyak, stated that the Tizu-Zungki river was declared a “National Waterway 101”, as per the National Highway Act published video Gazette Notification No.18 on March 26, 2016, so as to develop the river as an inland water corridor.
He said the Government of Nagaland requested the Inland Waterways Authority of India (IWAI) to prepare the DPR and accordingly M/s WAPCOS Limited prepared the DPR in accordance with the guidelines of the Central Sector Scheme for Inland Water Transport (CSSIWT).
As per the DPR, Paiwang informed that the project is to be implemented in three phases and on the request of the IWAI, the Government of India decided that the project will be implemented by the Nagaland Inland Waterways Board.
He said that after almost two years, due to the pandemic, he visited the Ministry of Civil Aviation, Railways, Ports, Shipping, and Waterways for early implementation of the project.
The minister also said that high deposits of granite, marble, and limestone in Phek and Kiphire districts can only be transported in ships that would arrive with the finished goods and essential materials for the Northeast.