Assembly panel to submit report on attachments by banks in 6 months
A large number of people have become victims by losing their place of residence in the shadow of the Act passed by the Parliament.
KOCHI: The Assembly Ad-hoc Committee constituted to study incidents connected with the attachment proceedings initiated by banks under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (SARFAESI) in the state will submit its report within six months.
Speaking to reporters after visiting the home vigil protest of Preetha Shaji, evicted from her residence after the bank attached her house and 18.5 cents of land, S. Sarma, its chairman, said the report would take into account the social, economic and legal impacts of the SARFAESI Act.
A large number of people have become victims by losing their place of residence in the shadow of the Act passed by the Parliament, he said.
Several such incidents surfaced from various districts. The committee hopes that the study, the first of its kind in the country, will be able to expose real-estate-official nexus apart from providing relief to the victims.
Ms Shaji submitted details of her and her family's ordeal after her husband stood as guarantor for a Rs 2 lakh loan availed by his friend.
As the friend defaulted on the repayment, the burden fell on them leading the attachment.
The panel later held a session of evidence collection at the office of the district collector.
A total of 18 people facing various legal issues under the SARFAESI Act presented their cases before them.
The panel comprising V.D. Satheesan, E.S. Bijimol, James Mathew, A. Pradeep Kumar, C.K. Saseendran and M. Ummer will hold sittings in other districts before submitting the report.