The center has formed a three-member committee to check into supply of assets and liabilities of Jammu and Kashmir between two successor Union Territories, which will come into existence on October 31, according to an official notification.
While former Defence Secretary Sanjay Mitra are the chairman of this committee, retired IAS officer Arun Goyal and retired Indian Civil Accounts Service (ICAS) officer Giriraj Prasad Gupta will be its members.
According to Section 84 of this Act, the assets and liabilities of the Present state of Jammu and Kashmir have to be apportioned between the Union Territories of Jammu and Kashmir, and Ladakh.
On August 5, the center scrapped special status given to Jammu and Kashmir under Article 370 and split the state into both Union Territories.
The apportionment of the assets and liabilities of the present state of Jammu and Kashmir will be subject to the recommendations of a committee constituted by the central authorities, it said.
Based on Section 85 of this Act, the facility can set up one or more advisory committees for apportionment of assets, rights and obligations of the businesses and corporations included for the present state of Jammu and Kashmir between the two Union Territories.