By the Court.—In all these writ petitions, the petitioners have raised question of applicability of the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short the Act of 2002) for securitising the mortgaged assets secured for recovery of the financial assistance given by Indiabulls Housing Finance Limited (in short, IHFL) prior to the notification dated 19.9.2007 by the Central Government issued declaring IHFL a ‘financial institution’ under sub-clause (iv) of clause (m) of sub-section (1) of Section 2 of the Act of 2002.

2. The Act of 2002 was enacted to regulate securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected therewith or incidental thereto, w.e.f. 17.12.2002 replacing the Ordinance notified on 21.6.2002. A secured creditor under Section 2 (zd) is defined to mean any bank or financial institution or any consortium or group of banks or financial institutions and includes—(i) debenture trustee appointed by any bank or financial institution; or (ii) securitisation company or reconstruction company, whether acting as such or managing a