The centre has formed a three-member committee to look into distribution 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 will be the chairman of the committee, retired IAS officer Arun Goyal and retired Indian Civil Accounts Service (ICAS) officer Giriraj Prasad Gupta will be its members.
"...in exercise of the powers conferred by Section 84 and Section 85 of the Jammu and Kashmir Reorganisation Act, 2019, the central government hereby constitutes the advisory committee," the Home Ministry notification said.
As per Section 84 of the Act, the assets and liabilities of the existing state of Jammu and Kashmir have to be apportioned between the Union Territories of Jammu and Kashmir, and Ladakh.
On August 5, the centre scrapped special status given to Jammu and Kashmir under Article 370 and divided the state into the two Union Territories.
The apportionment of the assets and liabilities of the existing state of Jammu and Kashmir will be subject to the recommendations of a committee constituted by the central government, it said.
According to Section 85 of the Act, the centre can set up one or more advisory committees for apportionment of assets, rights and liabilities of the companies and corporations constituted for the existing state of Jammu and Kashmir between the two Union Territories.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.