The existence of a security interest is not incidental but forms the foundation upon which the rights and remedies under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“Act”) exist. However, on the other hand Section 11 of the Act which provides for resolution of disputes, does not talk about a secured creditor or security interest. Importantly, while the Act defines “secured creditor” and “security interest”, it does not recognise or define an “unsecured creditor”. It was further held that Section 11 of the Act is only confined to disputes between secured creditors inter se and does not extend to disputes between a secured creditor and a borrower. whether the statutory arbitration mechanism as provided under Section 11 of the Act could be invoked between a secured creditor and a financial institution that was yet to become a secured creditor over the same borrower's property?