Petition filed under Article 226 of the Constitution of India praying for the issue of a Writ of declaration for the reasons stated therein.)

Markandey Katju, C.J.

By means of this writ petition, the petitioners have prayed for a writ declaring the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcements of Security Interest (Removal of Difficulties) Order, 2004 contained in Notification No. SO 466(E) dt.06.04.2004 as illegal and ultra vires.

2. Heard the learned counsel for the parties.

3. It appears that the third respondent/Indian Overseas Bank issued a notice dated 23.04.2004 under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as ‘ the Securitisation Act’) proposing to take certain actions against the properties alleged to be mortgaged. The third respondent thereafter issued a possession notice on 28.07.2004 under Section 13(4) read with Rule 8 of the Security Interest (Enforcement) Rules, 2002 taking symbolic possession of the property.

4. Aggrieved by the issuance of the possession notice, the petitioners preferred an appeal before the