Govt constitutes 3-member committee to look into assets, liabilities of J&K
Union government has constituted a 3-member committee to oversee the bifurcation of Jammu and Kashmir (J&K) into two union territories and look into distribution of assets and liabilities of J&K between two successor Union territories that will come into existence on October 31.
Background: The decision of constituting a committee is in succession to abrogation of special status given to Jammu and Kashmir under Article 370 and bifurcation of state into two UTs, as announced by Centre on August 5. Thereby after revocation of Article 370, apportionment of assets and liabilities of existing state of J&K shall be subject to recommendations of a committee constituted by central government.
Committee Constitution: The three member committee will be chaired by Sanjay Mitra, former defence secretary and the members include retired IAS officer Arun Goyal and retired Indian Civil Accounts Service (ICAS) officer Giriraj Prasad Gupta.
The central government has constituted the advisory committee in exercise of the powers conferred by Section 84 and Section 85 of Jammu and Kashmir Reorganisation Act, 2019.
According to Section 84 of Jammu and Kashmir Reorganisation Act, 2019, the assets and liabilities of existing state of J&K have to be apportioned between Union territories of Jammu and Kashmir, and Ladakh.
According to Section 85 of Jammu and Kashmir Reorganisation Act, 2019, the central government, by an order, can establish one or more advisory committees for apportionment of rights, assets and liabilities of companies and corporations constituted for existing state of Jammu and Kashmir between two Union territories.