Nagaland Bar Association (NBA) has appealed to all the legislators to exercise collective wisdom “uninfluenced by any extraneous consideration” before initiating any move vis-à-vis the SARFAESI Act, 2002.
Reacting to media reports in this regard, NBA president Talitsungba Ao and secretary V Hukavi Zhimomi in a statement alleged that the SARFAESI Act, 2002 was a beneficial legislation exclusively for the profitable business of secured creditors, assets reconstruction companies and rich people entirely at the cost of defaulting money borrowers.
Stating that land rights protected by the constitution and other statutes were the rights for the entire natives of Nagaland, they warned that diluting these rights by contrary legislation at the behest of and for the interest of the members of certain section of the society would be highly detrimental to the natives of the State as a whole.
They said it was “disgraceful” to see how the social security legislation for tribal economy of the natives of Nagaland was sought to be compromised for the profitable business of secured creditors and assets reconstruction companies at the behest of members of certain sections of society.
It pointed out that the constitutional and legal provisions for protection of the natives of Nagaland against economic exploitation from outside and also exploitation of the poor by the rich within the society were individual and collective rights of the entire society.
NBA further said that such law shall contribute and legalize concentration of landed properties at the hands of the rich entirely at the cost of the poor, and such legislation shall cause irreparable damage to the society as a whole.