UT Govt asks DMs to take possession of mortgaged properties of defaulters

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Jammu, December 8: Jammu and Kashmir Government has asked all the District Magistrates to take possession of the properties mortgaged by defaulting borrowers whose cases have been sent to them by the banks concerned in the Union Territory.

In a letter to all the DMs, UT’s Finance Department has pointed that applications filed by Banks and other financial institutions under Section 14 of the SARFAESI Act 2002 for taking physical possession of the mortgaged properties of the defaulting borrowers are required to be disposed off within 60 days. However, the Department of Financial Services in the Ministry of Finance has forwarded a district wise list of applications from public sector banks pending for more than 60 days as on September 30, 2020. Asking the DMs to dispose of all those applications within a week and send their report to it so that it is shared with the Finance Ministry, the letter added.