1. ' MAQBOOL BAQAR, J.---Through this petition, the petitioner has sought enlargement on bail, as he was arrested in connection with NAB Reference No,17 of 2011 pending before the Accountability Court No,1, Karachi and is behind the bars since 16-3-2011 for having wilfully defaulted in the repayment of KASB Bank's dues in the sum of Rs,41.900 Million.
2. ' Ms. Naheed A. Shahid, learned counsel for the petitioner submits that the lefault on the part of the petitioner was/is not wilfull, as it was merely on account of his financial constraints that the Bank's dues could not be paid. She further submits that the petitioner is in a precarious state of health, suffering from various ailments including heart disease, diabetic and is also suffering hypertension.
3. She submits that the petitioner has also undergone angioplasty. She further submits that in his endeavour to pay the bank's dues, the petitioner has with great difficulty got one of his properties that were mortgaged with NIB Bank, released upon settling the matter with the NIB Bank and the property is now available for sale, proceeds whereof would satisfy the bank's claim to a great extent. She submits that the property, being a bungalow constructed on a 500 sq. Yds. Plot in Khayaban-e-Hilal, DHA Phase-VI, Karachi would fetch not less than Rs,30 Million and submits that since previously an order has been passed by the Accountability Court that the title documents of the property, which are now lying with NIB Bank, merely as a trustee, shall be delivered by NIB Bank to the KASB Bank. She submits that since the property, as stated by her earlier, is now available and can be sold, the NIB Bank may be directed to deposit the title documents thereof with the Nazir of this Court, so that the Nazir may sell the property and deposit the sale proceeds thereof with the NAB Authorities with whom an amount of Rs,10 Million is already lying deposited by the petitioner towards the settlement of KASB Bank's liability in the aforenoted Reference since 19-9-2008.
4. ' Mr. Mushtaq A. Memon, learned counsel for NIB Bank verifies the fact of settlement between the petitioner and the NIB Bank and that NIB Bank would, if so ordered by this Court, hand over the title, documents to the Nazir of this Court, as NIB Bank has neither any charge over the property nor has it any claim against the petitioner. However, Mr. Noor Muhammad Dayo, learned D.P.G., NAB submits that though certain amount was deposited by the petitioner towards the payment of KASB Bank's liability with the NAB Authorities, however, he has to verify as to exactly what amount was so deposited.
5. ' Mr. Rizwan Ahmed Siddiqui, learned counsel for KASB Bank submits that the petitioner may be directed to pay the entire outstanding amount to the KASB Bank before any order for granting him bail is passed by this Court in this case and submits that the value of the property cannot be assessed at this point of time with certainty, but does not say that it would be far less. He further points out that the property is not in possession of the petitioner and seems to be in possession of some other party. To this Ms. Naheed A. Shahid, learned counsel for the petitioner submits that, as submitted by her earlier, the default on the part of the petitioner is neither deliberate nor wilfull, otherwise the petitioner would not have suffered the rigorous of imprisonment in this state of health, and he has with great difficulty managed to have the aforesaid property released after making payment to the NIB Bank' and that he, in all sincerity, wants to pay the entire amount of KASB bank. She submits that it is only the petitioner brother, who is in occupation of the property and undertakes on behalf of the petitioner to handover vacant and peaceful possession of the entire property to the Nazir of this Court exactly after four days from Eid.
6. ' Mr. Rizwan Ahmed Siddiqui, learned counsel for KASB Bank submits that he is not in a position to concede for an order for grant of bail. Mr. Noor Muhammad Dayo, learned D.P.-G., NAB also opposes the grant of bail to the petitioner.
7. ' However, in the foregoing circumstances and keeping in view the frail health of the petitioner and the fact that the arrangement of the property for sale towards liquidation of the present liability, reflects the petitioner's sincerity to pay the amount, we would order that the petitioner, after the title documents have been deposited by NIB Bank with the Nazir of this Court and vacant and peaceful possession of the entire property is also handed over to the Nazir of this Court exactly after four days from Eid, shall be released but before such release, the petitioner shall deposit with the Nazir of this Court his current and previous passports and his name shall be entered in the ECL. The Nazir of this Court, before the release order could be issued, write a letter to the Interior Secretary, Government of Pakistan, Immigration Authorities and the Passport Authorities that all measures should be enforced, so that the petitioner may not leave the country and no fresh/duplicate passport is issued to him. The Nazir shall soon upon deposit of the title documents and delivery of vacant and peaceful possession of the entire property, as prescribed above, proceed to sell the property as per law and the relevant rules and the proceeds of such sale shall be paid to KASS Bank through the NAB Authorities. The money deposited by the petitioner with NAB Authorities, as noted above, shall also be paid to the KASB Bank towards the liquidation of the subject liability. The balance amount shall be paid by the petitioner to KASB Bank within six month from today. However, in case the petitioner fails to deliver vacant and peaceful possession of the entire properly, as undertaken on his behalf, this order shall stand cancelled and the NAB Authorities shall arrest the petitioner. Also in case the petitioner fails to pay the balance amount within the prescribed time, as noted above, this bail order shall stand cancelled and in such eventuality also the NAB Authorities shall arrest the petitioner and proceed in the matter in accordance with law. It is clarified that in case the petitioner is able to have the title documents deposited with the Nazir of this Court and to deliver to him vacant and peaceful possession of the entire property in question, the petitioner shall be released. However, the release order shall only be issued after the Nazir of this Court has verified the authenticity of the title documents. The. Petitioner shall, unless the Reference is disposed of, continue to attend the proceedings on each date of hearing without fail. It hardly needs any mention that the release order shall only be issued after, the petitioner has furnished his personal bond in the sum of Rs,41.900 Million, which amount is being claimed by KASB Bank in the above noted Reference.
8. The petition stands disposed of in the foregoing terms.