Soumitra Pal, J.

1. In the writ petition, the petitioners have prayed for a direction upon the Authorized Officer, Allahabad Bank, Zonal Office, the respondent no.2, to consider the representation dated 20th January, 2015 in accordance with the guidelines framed by the Reserve Bank of India. Prayer has also been made for declaring the property in question as not a "secured asset" as no security interest has been created in terms of the Securitisation and Reconstruction of Financial Assets and Investment of Security Interest Act, 2002 (for short 2002 Act'). Challenge is also to the notices issued by the said respondent no.2 under the 2002 Act.

2. Relying on the definition of "Security Agreement", "Secured Debt" and "Security Interest" under the 2002 Act, it is submitted on behalf of the petitioner that since interest was created by deposit of title deeds and since there was no registration, in view of the provisions contained in the Transfer of Property Act, 1882, the Registration Act, 1908 as well as under the 2002 Act, the respondent authorities cannot proceed under the 2002 Act. Moreover, in an unregistered mortgage by deposit of title deeds, the respondent authorities ca