' ABDUL WAHEED KHAN, J.---A suit for recovery of an amount of Rs,1,21,83,563,32 filed by respondent No,2 was decreed against the petitioner/defendant from the Banking Court No, II, Lahore vide judgment and decree dated 15-1-2008. During execution proceedings, the decree holder filed an application for correction of a khasra number of the mortgaged property and the judgment debtor, by filing objection petition raised an objection that reserve price of the property intended to be auctioned, is too low and has wrongly been fixed by the Executing Court. The objection was turned down by the Judge Banking Court-II, Lahore vide the impugned order dated 22-2-2011, hence this petition.
2. While reiterating the contents of this petition, the counsel for the petitioner submits that too low reserve price has been fixed on the basis of valuation Report dated 25-4-2005, at the forced sale value, which is against the principle of natural justice, that reserved price should have been fixed at the market rate. According to him, the valuation report should have been got prepared from an approved Valuators which has not been done in the instant case, therefore, the impugned order be set aside.
3.Conversely, on the strength of case reported as Messrs Tri-Star Polyester Limited and another v.
Citi Bank (2001 SCM R 410) the counsel for the respondents submits that in banking matters right of filing an appeal against the interlocutory order has not been provided, therefore, the instant petition is not maintainable and liable to be dismissed.
4. Arguments heard and record perused. The petitioner has the grievance that the reserve price of the property intended to be auctioned is too low. The reserve price is always tentative in nature and is the minimum price from where the bid starts. A low reserved price attracts more bidders to participate for a fair competition. Even otherwise, no prejudice is likely to be caused to the petitioner because his interest would be in the final bid, offer by a bidder, the price, at which, the property would be sold. There is no jurisdictional error in the impugned order. Resultantly, this petition fails and is dismissed.