Through the instant Appeal, filed under section 22 of the Financial Institutions (Recovery of Finances) Ordinance, 2001 (the "Ordinance"), the Appellant seeks setting aside of order dated 21.05.2018, passed by the Banking Court, Sargodha (the "Banking Court") whereby his application for reevaluation of the property as per market price for the year 2018, was dismissed.
2. Learned counsel for the Appellant inter alia submitted that the Banking Court has not taken into consideration the true facts and circumstances of the case while dismissing the application of the Appellant; that the impugned order is against law and facts; that the Banking Court while allowing the auction schedule has ignored the present market value of the mortgaged property which is Rs,2,50,00,000/- and the Respondent No,1 itself assessed the value of the property which is against the law.
3. We have heard the arguments and perused the record.
4. The perusal of record reveals that the valuation of the property was assessed by the 'Premier Engineering Consultants (Regd.) and in this regard its evaluation report is on file which is dated 12.12.2013. The record does not show that at the time of filing this report, the Appellant has ever filed an objection regarding the said evaluation report. The Appellant's contention is that as per the report of the Patwari the market value of the property is Rs,2,50,00,000/- which is latest and liable to be considered for auction of the property. The bare reading of the report of Patwari depicts that it assessed the value of the property without any detail of each and every item rather mentioned that the total market value of the land, machinery, building, boundary wall is Rs,2,50,00,000/-. As such, the Banking. Court has rightly observed that the reserve price was properly fixed on the report of evaluator whereas the report of Patwari does not give any detail regarding price of property, building and machinery separately, hence the report of Patwari does not appear to be reliable.
Furthermore, the Appellant himself filed application dated 12.05.2018 to the Tehsildar concerned for market value of the property and in pursuance of which the Patwari submitted his report on the same day i,e, 12.05.2018. Whereas the application to the Banking Court for reevaluation of the property as per market price was filed on 14.05.2018 after obtaining the report of Patwari; meaning thereby that he himself resorted to the revenue hierarchy for obtaining present market value of the property rather than through process of law i,e, Banking Court. Therefore, this report can also not be given any weight. Moreover, the Patwari is not the competent authority to assess the market value of the property consisting of land, machinery. building and boundary wall owing to lack of expertise in this regard.
5. We. therefore, fully agree with the findings of the Banking Court which rightly dismissed the application of the Appellant and do not see any illegality or perversity in the impugned order which has been passed strictly in accordance with law, as such does not warrant any interference by us.
Consequently, the Appeal in hand, being devoid of any merit, is hereby dismissed in limine.